Your a small business and you start using QuickBooks for Accounts Receivable, Accounts Payable, and your Cash (Checking) account...
BUT you didn't initilize it properly because you were unsure of Shareholders equity, Loans from/to Shareholders, etc...
Will this work...
1 - Get started using QuickBooks for AR, AP, Checking, etc... call the company you setup...MyBizQuickStart 2 - At the end of the year get your CPA to do your corporate books and tell you the December 31 or Jan 1 status of Shareholders equity, Loans from/to Shareholders, etc. 3 - Start a new company with this info then import the data from from MyBizQuickStart 4 - The goal here is to get a clean start at the beginning of the year...A - Will this approach work? B - Will it also import all the "structure" from MyBizQuickStart... products, inventory, etc? C - Will it try to import the Shareholders Equity from MyBizQuikStart
If you can't "import" into the offical Company the work around would be to hand key all the transactions from the previous year... or just leave the previous year as an unofficial record of your business and start clean at the beginning of the year after you have the correct startup numbers...
BUT then you have to re-setup the structure of your business in Quickbooks... Your vendors, customers, products, bank, employee's, sales commissions, etc... that's a pain!
Thanks for any help.