Hi Ruth. We are planning our start date for QuickBooks to be Aug 1. We will have to close out July in order to get the beginning balances for the income statement, balance sheet, AR and AP open items. Can we start working in QuickBooks before putting the beginning balances in or must those be in before we start entering invoices and bills for August?
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You can enter your beginning balances whenever you like. However, if you have any transactions that close any open items (as of 7/31) you’ll need to enter the open transaction first.
Also, keep in mind that your reports will be pretty useless until you enter your 7/31 balances.
This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
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