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Bramer, Retired CPA-Audtor
Psalms 54:4 FILE: 0637-07/qbb
RE: QB Transaction Dates Originated: July 1995
We have discovered that QuickBooks (TM) (QB) users can be a little confused by the QB system transaction "Dates". Please consider these aspects of QB dates:
- EOP = End of Period (either Month or Year)
- EOY = End of Year
> Place into QB the date of the transaction .... not the date that you enter it into QB.
> It is seldom desirable to date anything the first of a month ... use the EOP date.
> As appropriate, link to make use of 0658-01 with regard to QB and Acct Receivable dates ..... especially re School Acct Rec - SCHAR - accounting.
> Link to 0659-02 regarding Special Purpose Fund (SPF) year end Balance Forward accounting applicable dates.
> Please also Click here for more information along these lines.
> Be consistent as to handling of bills incurred near EOP and especially at the EOY.
> DO NOT complete the financial statements for the EOP right on the last day of the month; hold the books open or wait until 5-7 days into the new period awaiting EOP entry of invoices/bills incurred before EOP.
> Be consistent in posting invoices of specific vendors the same way/time each month ... especially phone and utilities; recommend that part of your Month End Check list remind you about including specific vendors in the transactions of that month, etc.
> Be consistent about handling Payroll Salaries/Wages and Payroll tax expenses incurred through the EOP ... use the EOP date regardless of the date on checks or when entered into QB.
> Do NOT complete the EOP reports until you have completed the bank reconciliation to insure that your QB numbers agree with the bank statement for that month. Have EOP consistency in handling Non-Check transactions.
Please Click here for more topics having to do with the use of "QuickBooks and Ministry Fund Accounting" on www.bcidot.org. The bulk of this Publication originated in July 1995 and was . UPTD:June 04, 2010
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