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Michael_Fay
Michael_Fay
December 28, 2023
Question

Opening a New Quickbooks file.

  • December 28, 2023
  • 1 reply
  • 0 views

Hello all, 

I'm back with another conundrum. Recently I decided to open a new Quickbooks file, so I could customize an outdated and bloated Chart of Accounts and change some things that have dearly needed change as it's been the same way for at least 30 years. 

The Problem: How do I transfer, or enter in the balance for an Income or expense Account line? 
For example. When I look at my reports for last FY my ((Donations: - General)) Account line (Income) has a balance of $146,529.74. 

I need to run reports for my BOD next month, and need to make sure these total match. I know I'm missing something simple here, so any help is appreciated. I've attached the P&L for the account in question if that helps. 


 

1 reply

I
Irene R
December 28, 2023

Thank you for posting your concern with your QuickBooks Desktop query in the Community, Michael.

 

Based on the reports you have provided us, your income transactions fall under Donations, General, and Cash. If you wish to transfer them into another account. You can follow the steps below:

 

  1. Click on the arrow beside Income.
  2. Double-click on the amount to go to the specific transaction.
  3. Tap on the dropdown arrow button, then select what account on the Item.

 

To view your Income or Expense account in a single line, you can collapse the information in your generated report by clicking on the arrow icon. If you want to see more details on where your account was categorized, you can click on the arrow icon again to expand the information.

 

 

I’ll be leaving you this article as your future reference if you want to learn about personalizing your reports in QBDT: Customize reports in QuickBooks Desktop.

 

Notify me by leaving a comment below if you have other questions about your reports in QBDT. I’m just a post away. Have a happy holiday!

Michael_Fay
Michael_FayAuthor
December 28, 2023

Thanks for the response, but I don't think this is what I was looking for:
Old Company file - Donations, General Cash - $146,529.74

New Company File - Donations, General - (How do I get the above number entered into this new company file?) 

R
Rea_M
December 28, 2023

Since your Donation General functions as an income account, you don't need to match its figure from your old company file as it solely monitors your earnings, Michael. However, if you still wish to input its amount into your new company file, you can create a (lumpsum) journal entry for its opening balance. I'll assist you in completing this task.

 

Before doing so, I'd encourage you to work with your accountant to keep your financial data accurate. Whenever you're ready, follow these steps:

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. Set the date for the journal entry. It should be the date you pick for the opening balance.
  3. On the first line, from the Account drop-down, select the account you're entering the opening balance. Enter the balance for your real-life accounts for the day you picked. 
  4. On the next line, select the Account drop-down and then the Opening Balance Equity account.
  5. Enter the same opening balance amount in the opposite column as the first line. So, if you entered the first amount in the Credit column, enter the next one in the Debit column.
  6. When you're done, select Save & Close.

 

Please note that if there's a left-over balance in the Opening Equity account, it should go to other equity accounts or retained earnings. Ask guidance from your accountant to move this money correctly.

 

To learn more about how to enter the startup balances for your other balance sheet accounts, you can read this article: Enter opening balances for accounts in QuickBooks Desktop.

 

Additionally, I'd encourage you to reconcile your accounts regularly (monthly) to monitor your income and expenses and keep them updated.

 

We're open 24/7, so please don't hesitate to visit us again if you need more help in managing your new company file and accomplishing your other tasks. Have a great day ahead.

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