Skip to main content
A
AM84
February 14, 2023
Question

Transitioning from a bookkeeper to doing own books using QuickBooks

  • February 14, 2023
  • 1 reply
  • 0 views

Hello, 

 

I am looking to start doing the bookkeeping for my and my husband's small business using QuickBooks, however, he had previously been using the QuickBooks account for the past 2 years or so for invoicing and had already linked the business bank account and credit card to QuickBooks, but none of the books were ever done using QuickBooks because we had outsourced that part to a bookkeeper who used different software. I would like to start doing the bookkeeping myself as of our new fiscal year of January 1 2023, bit am unsure how or if it is possible to start from scratch using the same QuickBooks account. We don't want to lose any of the invoice history. Is there a way to start balaning the books from the new fiscal year only? Thank you in advance!! 

1 reply

A
Alex M
February 14, 2023

Hi there AM84,

 

It's vital that all your transactions are correctly entered so your books can be well balanced. QuickBooks Online is a great tool able to help you with keeping track of expenses and sales as well as other transactions so you can keep an eye on your business's financials. I can point you in the right direction for assistance in setting up for the new year.

 

In QuickBooks Online, the only way to make sure your year would have the correct totals before starting, all while keeping the invoice history in the same account would be to make an adjusting journal entry to make sure all totals for all accounts in your chart of accounts are set to the right amount before the start of the year. You can create a journal entry by going to the +New option, then Journal entry.

 

In order to know which accounts you need to affect with the journal entry, and which amount for each line, I recommend reaching out to an accountant. They'll be able to guide you in this setup for the new year in order for your books to be balanced so you can start your year off correctly. If you'd like to invite your accountant to QuickBooks so they can see your books, you can do so by going to the My accountant tab. You can also find an accountant that has experience using QuickBooks by clicking on the Find a pro to help option found in that section.

 

If you have any other questions, feel free to reach out here.

Terms & ConditionsAccessibility statement