we are migrating to qbo from PBS so after entering opening balances from balance sheet and p&l how to reconcile or add /match transactions for the next month that are from opening balance amount? pls help
If one is behind in the accounting a couple of years and has basically been using QBO for invoicing, can i take my accountants last balance sheet statement and add it for that year... and then start with uploading the banking transactions etc... and then moving forward from there? Appreciate
Thanks for your comment. You can start with your opening balance sheet from your accountant, however, you would want to make sure that you are not duplicating the sales amounts. To do this you would want to generate a report on the date prior to the date that you are entering the balance sheet amount and create a journal entry that essentially brings all the transactions you have already entered to $0.
When open balances were entered off the balance sheet for starting QBO, the A/P was entered as a total and not as a breakdown (as you show here). So, I can't get the A/P off of the aging detail. Can you consult with me on this? Thanks!
Thanks for your comment. We can certainly set up a consultation to go over this and any of your other QBO questions. Check out the link below to book a consultation or to contact me directly: www.montrealfinancial.ca/services/details
Personal expenses incurred through the business credit card should be allocated to the shareholder loan account. These should then be repaid or declared as a dividend.
Hi! I was wondering if you would be interested in doing some workshops/tutoring with me? I am currently a small business owner and would like help filling out deductions and contributions forms for my employees. paid services of course!
Thanks for your comment. I do indeed provide consulting services where I can help you with your accounting, tax and finance. You can find out more at my website: www.montrealfinancial.ca/services/details.
Really great video. Very useful information.
I'm so glad you found it useful!
we are migrating to qbo from PBS so after entering opening balances from balance sheet and p&l how to reconcile or add /match transactions for the next month that are from opening balance amount? pls help
This is such an amazing video, you explained everything well. I would like to see more videos from you
Thank you! Certainly - don't hesitate to let me know if there is anything specific that you would like to see.
If one is behind in the accounting a couple of years and has basically been using QBO for invoicing, can i take my accountants last balance sheet statement and add it for that year... and then start with uploading the banking transactions etc... and then moving forward from there? Appreciate
Thanks for your comment. You can start with your opening balance sheet from your accountant, however, you would want to make sure that you are not duplicating the sales amounts. To do this you would want to generate a report on the date prior to the date that you are entering the balance sheet amount and create a journal entry that essentially brings all the transactions you have already entered to $0.
When open balances were entered off the balance sheet for starting QBO, the A/P was entered as a total and not as a breakdown (as you show here). So, I can't get the A/P off of the aging detail. Can you consult with me on this? Thanks!
Thanks for your comment. We can certainly set up a consultation to go over this and any of your other QBO questions. Check out the link below to book a consultation or to contact me directly: www.montrealfinancial.ca/services/details
How to enter personal expenses done through business credit card
Personal expenses incurred through the business credit card should be allocated to the shareholder loan account. These should then be repaid or declared as a dividend.
Hi! I was wondering if you would be interested in doing some workshops/tutoring with me? I am currently a small business owner and would like help filling out deductions and contributions forms for my employees. paid services of course!
Thanks for your comment. I do indeed provide consulting services where I can help you with your accounting, tax and finance. You can find out more at my website: www.montrealfinancial.ca/services/details.