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B
bkim_gitauto
March 21, 2024
Question

Opening Balances - Making BS and PL of 2023, and start transactions from 2024

  • March 21, 2024
  • 1 reply
  • 0 views

1. I want to have monthly BS's and PL's of 2023. 
2. From 01.01.2024, I want to post real transactions with open invoices, bills and on hand inventory of each proudcts.

Scenarios : 

For Goal 1.
I will post the initial BS on 12/31/2022 in Journal Entry with Cash, A/R, A/P, and Inventory without each Customer and Supplier Balance. Maybe i will use "Sample Customer and "Sample Supplier" as dummy. After that I will enter journal of the PL of Jan.2023 (with monthly sum) and enter journal of BS of Jan. 2023 (with the increase or decrease from the previous month). 

If the BS of Jan. 2023 is correct, I will repeat it until December 2023.

For Goal 2
I will upload Customer Balance and Supplier Balance with open invoices and bills of 12/31/2023, which will make double the A/R and A/P. And Inventory on hand by each products as well, which will double the inventorry assets as well. How can I adjust duplicated A/R, A/P, and Inventory? 

For the cash and cash equivalents, I will connect bank from 01/01/2024. Can you tell me what I need to watch out for?

1 reply

J
JorgetteG
March 21, 2024

I appreciate the time you took to share your concerns in detail, @BKim. Thank you for reaching out to the community. I want to ensure that we address this matter promptly.

 

I understand the importance of efficiently managing transactions and data in QuickBooks Online (QBO), and I appreciate your efforts to find ways to make it work.

 

In QBO, you can record transactions as long as they match your records. To post the initial Balance Sheet on 12/31/2022 in Journal Entry with Cash, Accounts Receivable, Accounts Payable and Inventory using a dummy names is achievable in QuickBooks Online. Hence, I agree with your workaround.

 

Regarding your other concern, here's how to adjust inventory:

 

  1. In QBO, tap the New menu in the upper-left and choose Inventory qty adjustment under Other.
  2. Enter the date in the Adjustment date field.
  3. Click the Inventory adjustment account drop-down and select the appropriate account.
  4. Type the item name in the Product field.
  5. The description and current quantity on hand auto-populate.
  6. For each item, enter either a new quantity or a change in quantity.
  7. In the Memo field, key in the details about the adjustment.
  8. Press the Save and close button.

 

This reference provides detailed information on the process: Adjust inventory quantity on hand in QuickBooks Online. It includes instructions on how to edit or delete an adjustment.

 

Lastly, QuickBooks Online banking is a powerful tool that helps save time and manage finances more efficiently.

 

When you connect your online bank in QuickBooks, the transactions automatically download and categorize. This helps you to save time in updating your bank feeds. All you have to do is to review and approve them.

 

Here are a few articles and video tutorials you can read and watch to learn more about managing transactions in QuickBooks Online:

 

 

If you need additional support or have any questions concerning QuickBooks, apart from managing your transactions, don't hesitate to get in touch with me. I am always here to help and ensure that all of your concerns are addressed promptly and effectively.

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