Hi, I would like to enter all the information from beginning of this year into QuickBooks. Should I start with adding in a Bank Balance as of January 1, 2005?
Also, how do I enter just the daily summaries of revenues and expenses? Is it possible to enter cumulative monthly totals up till now instead of granular daily info?
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This depends on many things. Are they simple cash basis books? No payroll issues or open accounts payable or accounts receivable?
If so, you can enter journal entries for each month's activity if you have compiled the figures by hand or in another program. Regardless, if this is a company, you will need to enter your opening balance sheet balances at the end of last year before adding 2005 figures. If your books are basically run by your checkbook, you may find it beneficial to key in your deposits and checks from January 1st. It depends on when you want to start seeing detailed history.
It depends on the level of detail you need to have available for the previous months. If you will be referring to individual checks or payments or deposits as part of your business (for example, doing reports on customer payment history, etc) then you'll need to enter the transactions you'll be referring to.
You can add monthly totals by entering General Journal entries (Company > Make General Journal Entries) and assigning total amounts to the appropriate accounts as debits and credits. Your accountant can tell you which accounts you should be using for the GJ entries.
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