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A
Ashley1981
July 26, 2023
Question

Journal Entry for A/R received in prior year but not recorded

  • July 26, 2023
  • 1 reply
  • 0 views

We switched to QB in 2023 so our A/R are journal entry balances as of Nov 30 2022.  I noticed some receivables were not recorded last year so they have a balance owing in the journal entry.  How do I appropriately record these now? Thanks in advance. 

1 reply

A
Alex M
July 26, 2023

Hi there Ashley1981,

 

It's important that all your transactions be entered correctly for your books to be well balanced. QuickBooks Online is a great tool able to help you keep track of sales and expenses so you can see the profit of your company. I can point you in the right direction for assistance with entering these transactions.

 

In order to know if you should be affecting the prior year, or entering it for this year, as well as which transaction type to use to enter these prior balances, I recommend reaching out to your accountant. Their expertise will be able to guide you in entering these transactions so all your books can be in the correct order. You can invite your accountant to your QuickBooks account by going to the My Accountant tab. You can also find an accounting professional near you that has experience using QuickBooks by clicking on the Find a pro to help option to help you in this section.

 

If you have any further questions, please feel free to ask them here.

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