I am creating a new QuickBooks Desktop company file for an existing business at start of their new fiscal year. Do I have to re-enter all open invoices at the end of their fiscal year or can I enter a balance only for each customer?
Thanks for sharing some details.
I’m not clear on your statement re the firm’s own deposit as other current asset. Pls explain (again).
I have beven now using sales receipts for retainers and going back and cleaning up erroneous entries.
This firm’s monthly invoices to clients are for fees and what they categorize as reimbursed expenses such as courier expenses, copying etc.
When there’s a lump sum settlement they pay some to another vendor like BCBS, some to another law firm and some to their own firm. Are any of thers advanced costs?
In the past I’ve entered open invoices using 12/31 charging to opening balance equity. I’m not trying to bring all TB balances over. Just for the balance sheet. Therefore actual data will be for 1/1 forward and accrual not cash based.
Historical data will will remain in the original company file.
I appreciate all of your replies and assistance.
For this: "In the past I’ve entered open invoices using 12/31 charging to opening balance equity"
Your Fee items will not be reported as income when the payment is applied. You can put on the invoice the original historic date and the real charge items.
For Balance Sheet: "and some reimbursed costs" = those are Not Expense. You post that to Advanced Costs as Other Current Asset. If there is a Nominal Deposit to Trust Bank, the Firm's money in Trust Bank their money still as asset.
We already covered the Settlement question. It helps to keep to One Subject and not "cross-post" the same issue in Lots of topics.
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