Software: MoneyWorks #accounting software In our earlier post, we discussed about how to record the outstanding sales invoices. If you have a Debtor’s Credit Note outstanding as of the crossover date, you need to record it into the MoneyWorks accounting software too. Create the Sales Invoice as per normal, that is, using the Setup account […]

Software: Intuit QuickBooks accounting software The unpresented Cheques are the cheque issued by you but have not yet appeared in the bank statement as of the crossover date. When recording the opening balance of the bank account as of the crossover date; you may record the bank statement opening balance and the unpresented cheque separately […]

Software: Intuit QuickBooks accounting software Instead of entering the outstanding supplier bills as a lump sum in the Opening Balance field of the supplier profile, you may record the bills separately. For example, you owe supplier “Permanent Temp Service” 3 bills with a total of $15,000.00 as of your crossover date (usually is the closing […]

Software: Intuit QuickBooks accounting software When recording the outstanding sales invoices as of the crossover date (usually is the closing date of the last financial year) into the Quickbooks accounting software, you can consider recording every outstanding invoices instead of as a lump sum owed by the customer. For example, Customer ABC owes you 5 […]

Once your account or name list such as customer or supplier name had a transaction, you will not be able to enter the opening balances from the account or any name list profile window. The only way to enter the opening balance is via a Make General Journal Entries or a transaction such as Invoice […]

Last week, I did a QuickBooks implementation for one of my client. I discovered that they had an amount in the Opening Bal Equity account. According to the user, this amount was there since she took over the account two months ago. We traced back the amount and discovered that this amount was in the […]