Hi-QBks 2008 Pro-I inherited a POA's books. All is fine EXCEPT pymt was rec'd on all invoices but never deposited (in the program only, not in reality) Now they have decided they want to track banking, etc. The invoices date back to 11/2005. Is their any way to rectify this so the program can track everything properly. I gues my next question would be The best way to start from scratch? Although thenm their would be no history. Although history only gos back to
11/2005? Sorry if my questions are not clear, I am trying to explain as best I can. Thanks so Much Frank
I want to start with 2007. I recorded all deposits (from all 2007 invoices) and checks written from that time until now. I really just want the undeposited funds to go away and never return? When I receive an invoice as paid that's it. I then make all banking register entries from the monthly bank statements the assoc sends me. Can I do this? Thanks Frank
Before you decide to start from scratch, here is something to try.
If they have everything in undeposited funds, then It sounds like they have never reconciled the bank account? First, make a back up copy of the file. Then, go to record deposits, select all, and make one deposit for all the undeposited funds. Then, you'll need to reconcile the bank account. So, 'select all' to mark everything as having cleared the bank. Then go back and unmark/uncheck any outstanding checks or deposits. How large is the bank rec difference? Was there bank service charges for the past 2 years and could this account for the difference? (If so, make a JE to record estimated bank service charges for the past 2 years). Can you live with the difference? (If so, you can let QB make an adustment. However, you should then go in and edit the JE that QB made and change the account from 'reconciliation discrepancies' to bank svc charges or misc exp or something.
If the bank rec is too far off, then you need to decide if you want to go back and reconcile monthly or quarterly or not? If not and you decide to start with a fresh file, you can export/import the lists to save time in setting up the new file.
Good luck!
Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business
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