Frequently Asked Question
Entering balances from a previous system FAQS
1. How to Enter Accounting Information from One System into QuickBooks?
QuickBooks is one of the most popular accounting software packages and is used by millions of small business owners. But other accounting software packages include Peachtree, Microsoft Office Accounting, Microsoft Small Business Accounting and even Quicken. In addition to these well-known options to QuickBooks, several independent smaller companies have branched out into accounting software. How you enter accounting information from one of these systems into QuickBooks depends on which system you are trying to enter information from.
2. What is Opening Balances from Previous System?
If you have a new Company, you won't have any opening balances to enter.
If your Company is new and you have been trading prior, you will no doubt have Opening Balances from your old Accounting System.
If moving at the start of a financial year (which is preferable) you will be able to enter these from your Balance Sheet as at the day prior to start.
3. What is Opening Balances in the Nominal Ledger?
In the Nominal Ledger, the task of entering opening balances has two stages. First, it is recommended that you enter balances for each Account as they stood at the end of the previous financial year. This is done using the Brought Forward Balances register. This information must be available on the Trial Balance report obtained from your old system. Then, if suitable, Transactions for the current year to date must be entered, using the Transaction register.
Once all Balances and Transactions have been entered, print out a Trial Balance and compare it with that obtained from your old system. Any inconsistencies must be investigated immediately: any delay will make this more difficult.
4. What is Understanding General Ledger Beginning Balances?
Financial Statements show how your business is doing financially. General Ledger reports make sure the accuracy of your books. To create correct financial statements and General Ledger reports, all past financial history requires to be accounted for in Sage 50-U.S Edition. Through entering General Ledger beginning balances in your Chart of Accounts, a financial starting point is recognized for each account, upon which all future financials will be based.