Hi! I am currently binge-watching your videos as I am learning how to be a bookkeeper. Can you please make a video on how to do the beginning balances IF the tax has not been filed for previous years and also when it is filed. Thank you so much! Also, with that note, do you manually enter again all the open invoices from a previous year into the current year?
I will do a video on begging balance Eddie. You would only enter the invoices if they were not entered before. Make sure the date of the invoices matches the payment and the transactions coming from the bank.
In my negative AP situation: 1. Bill was created on 9/30/22 FY 2021-2022, and it was for our "Utilities" account 2. Fiscal Officer before me used "write check" on 10/27/22 FY 2022-2023 (Oct 1st to Sept 30th is our FY) function in QB desktop and paid another invoice that wasnt entered as a bill on that check and added a line for accounts payable for the bill created in step 1. 3. I've tried to apply the check to the bill created and the balance was still negative. 4. Do i have to change the "AP" line on the check to "Utlilities" to fix it?
Hi! I am currently binge-watching your videos as I am learning how to be a bookkeeper. Can you please make a video on how to do the beginning balances IF the tax has not been filed for previous years and also when it is filed. Thank you so much!
Also, with that note, do you manually enter again all the open invoices from a previous year into the current year?
I will do a video on begging balance Eddie. You would only enter the invoices if they were not entered before. Make sure the date of the invoices matches the payment and the transactions coming from the bank.
In my negative AP situation:
1. Bill was created on 9/30/22 FY 2021-2022, and it was for our "Utilities" account
2. Fiscal Officer before me used "write check" on 10/27/22 FY 2022-2023 (Oct 1st to Sept 30th is our FY) function in QB desktop and paid another invoice that wasnt entered as a bill on that check and added a line for accounts payable for the bill created in step 1.
3. I've tried to apply the check to the bill created and the balance was still negative.
4. Do i have to change the "AP" line on the check to "Utlilities" to fix it?
No, you just have to create another bill for the amount negative and apply to the payment.