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J
jlathanasoulis-g
May 4, 2022
Question

Is it best to begin a new client by "closing the books" from their last fiscal year before entering any new information for the current fiscal year?

  • May 4, 2022
  • 1 reply
  • 0 views
I am taking over bookkeeping for an already established company. Their fiscal year end was Sept 2021. I have been trying to enter in the previous chart of accounts from the trial balance but im thinking now that maybe that dosent need to be done?

1 reply

T
Trish_T
May 4, 2022

Hi jlathanasoulis-g,

 

Welcome to Community!  It's great to hear that you're doing well and have gained a new client.  Congrats!  QuickBooks Online is a dynamic program for completing your daily bookkeeping tasks with confidence.  I'll be happy to provide more information so you're on the right track with your work.

 

When the client signed up for QuickBooks Online, the chart of accounts would have been automatically established based on the information they provided.  With that being said, there's no need to enter the previous chart of accounts.  With regards to 'closing the books', it's always a good idea to do this at year end to prevent unwanted changes before filing taxes.  This feature will lock the books so no one can edit the data before the closing date.  Here's how to close the books.

 

Let us know if this has been solved and please feel free to reach back out if you have any other questions.  We're always glad to assist!

J
jlathanasoulis-gAuthor
May 4, 2022

I am the one who created the "new client" i do not have anything that i can upload from the previous years. I need to establish some kind of base point. I do not have a previous chart of accounts, and the client cannot upload anything for me.
I am just unsure if i should spend any time uploading the previous fiscal years accounts from September 2021, or just start fresh with everything that has happened since October 2021?

T
Trish_T
May 4, 2022

Hi jlathanasoulis-g,

 

Thanks for getting back to us here.  I want to make sure I'm heading in the same direction as you, based off of your previous post.  With QuickBooks Online, customers have the option to add accountants and bookkeepers to their books within their product.  With the information you provided above, it would appear that your client has an existing QuickBooks account for which their bookkeeper tended to on their behalf.  If this is the case, you would have been invited to the client's existing QuickBooks account so that you could take care of their bookkeeping needs.  With that being said, the chart of accounts would already be established and the previous bookkeeper would have a record of the information for the previous fiscal years.

 

If you've created a new account for your client, here's a helpful guide to assist you with setting up and adding accounts to the chart of accounts.  This is also where you can enter the beginning balance.  

 

If you have other questions.  We'd be happy to help!

 

 

 

 

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