Determine how they integrate with quickbooks online

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determine how they integrate with QuickBooks Online. It is suggested you contact the app’s support team to ask how the particular app records beginning balances in QuickBooks Online for existing inventory balances. N OTE : If clients are coming from an accounting system that tracks inventory using FIFO, recording inventory balances by adding each new product or importing to the Products and Services list will not work because this method will not reflect the FIFO layers. Instead, enter zero for the quantity and use an "as of" date based on the oldest FIFO layer. Then enter transactions to reflect FIFO layers. 11. Verify the Opening Balance Equity account is zero. If it is not zero, explore the balance sheet to confirm that all other beginning account balances are proper and determine which component in the Opening Balance Equity account is not “washing” properly. You may need to adjust duplicate retained earnings or reclassify to other equity accounts. Once your balances have been entered and verified, you can then continue setting up the QuickBooks Online company. Connect bank and credit card accounts to online banking. If the initial sync pulls in activity with bank posting dates before your start date, exclude this downloaded bank activity. OBE = 0
Supplemental Guide Lesson 4: Purge Data Module 10: Complex Conversions 81 Lesson 4: Purge Data If you’re within the first 60 days of a QuickBooks Online Essentials or Plus subscription, you can delete all the existing data and start from scratch. This is called Purge Data. This process will delete all transactions and lists and reset your file to brand new. You might want to do this if the client, within the first 60 days, was testing out how QuickBooks Online works and now is ready to start fresh. Or perhaps you have a set Chart of Accounts that you like to use with your clients and want to delete the existing Chart of Accounts and import your own. Step-by-Step: Purge Data 1. Click on the Home tab. 2. On the URL, replace the homepage with . 3. Press Enter . You will be directed to a confirmation page where you have to type Yes in the box and click OK . 4. On the next screen, if the industry you want is different from the one showing, change it and mark whether you would like the system to create accounts based on your industry or start with an empty Chart of Accounts. 5. Click Wipe Data . When the deletion is complete, you will be rerouted to your home page. If you are using QuickBooks Online Payroll or Full Services Payroll, this process may not work. It is possible to wipe the data, but the payroll data will not be affected and the payroll system will not function. It is recommended to cancel and start a new account. Also, if the QuickBooks Online subscription was started more than 60 days ago, you could need to cancel and start a new account.

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