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TO: Interested Ministries
Jim Bramer, Retired CPA-Auditor
RE: Ideas re "Processing Beginning QB Balances" Originated: June 2003
Below is a hypothetical Online Email thread (THRD) between Jim@bcidot.org and one of the these Ministry MFTeam members: PAT (Ministry Executive), LEE (Ministry Volunteer Treasurer), and FRAN (Ministry Computer Bookkeeper).
From: Fran --
Jim, we are just beginning to use QuickBooks (QB)---- I am sending you our 05-31-xx year end Trial Balance of our Ministry by Email.
My problem is in getting this beginning trial balance (and subsidiary info) data into QuickBooks (QBs) as of the first day of the new fiscal year, or 06-01-xx.
Any ideas, or thoughts, Jim?
Yes. Thank you for sending your 05-31-xx Trial Balance to me by Email. Please notice how I have displayed it below.
Please notice within the above Trial Balance that I have established three "Temp" accounts and have placed them within named QB types.
From: Fran --
Yes, I noticed that.
OK, let me share that I have pretty well followed your 0079 directions when I started using QBooks. In this QB Company I have set up the QB Chart of Accounts to only include information from above. Then I did the following:
>> I went to the QB tab called "Banking - Make Journal Entry" and, as of 06-01-xx, posted the above Trial Balance info
>> Then I followed your directions within 0688 and set up the Bank Account detail in said manner so I can readily Bank Reconcile beginning in June xx. Oh, one thing different ----- I made no use of the "Opening Bal Equity" Account that you mention within 0688; as I offset, or zeroed out, the $525.00 total to the above "Temp Bank Acct."
Now, how do I efficiently input the subsidiary information as to what is owed to us (Acct Rec) or what we owed Vendors (Acct Pay) as of June 1, xx ?
Well, Fran, there seems to be a variety of ways to do this, but if it were me, I would do the following:
>> Please contact me at Jim@bcidot.org if you have 12 customers or less and they are usually paid within 30 days.
>> Otherwise, go to the "Customer" Tab and choose "Create Invoices" from the options.
>> I would process details for each outstanding receivable by doing at least the following: Under "Customer:Job" set up the needed details for each customer; Use the "05-31-xx" date (or the date of the customer's invoice); set up "Item-Add- new"; choose "Service"; Item name is "Bal Fwd". Description is "Bal Fwd as of 06-01-xx"; Account is "Temp Acct Rec".
>> The result of all of this is that you have produced an invoice equivalent for each of those that owe you money. Of course, the ultimate result is that you offset, or zero out, the $1,200.00 in the "Temp Acct Rec" account.
Accounts Payable (1)
>> When you write your checks beginning 06-01-xx and after;
>> Charge the respective amounts (that add up to $100.00), by vendor, to the "Temp Acct Pay" account
>> Again, you should offset, or zero out, the $100.00 in this "Temp Acct Pay" account.
Thank you again, Jim, I will run a QB report and make sure the balances in the TEMP accounts are zero and let you know if I run into any problems.
Please click here and go to more information about QuickBooks at Ministries here at www.bcidot.org .The bulk of this Publication originated in June 2003.and was UPTD: March 09, 2012 . Click here and go to List of threads (THRDs) at www.bcidot.org
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