If you are looking forward to tracking the finances of your business through QuickBooks, then choosing the QuickBooks start date is the most important decision you take in order to get the process set up.
- 1 Defining What Choosing a QuickBooks Start Date is:
- 2 How to Change The Start Date in QuickBooks
Defining What Choosing a QuickBooks Start Date is:
If the business you are about to start is set-up at the time when you start using the QuickBooks, then you don’t have to worry as the system will automatically take the date, when the program begins.
This is the ideal state because you do not have to enter any previous transactions and you also don’t have opening balances. But, this doesn’t happen quite often as most of the organizations convert to the QuickBooks from other program or from the hand system. Start Date of the QuickBooks determines that what information is going to enter from previous system.
Consider the following questions before choosing the start date that will be best for your business.
- Check that how close the fiscal year end is from today?
- Do you have the accurate income statement and balance sheet for the fiscal year that is going on?
- How many and from which back date of the previous transactions you wanted to enter?
- Are you going to track the payroll by using QuickBooks?
- Number of the transactions that occurs typically during a month
To get the correct answers of all the questions mentioned above, you should determine the start date that is most appropriate. In case you are planning to use payroll feature then consider the start that comes at the calendar quarter’s end.
In case, the fiscal year is about to end then it is recommended that let the current fiscal year pass by using old bookkeeping system and start using the QuickBooks from new fiscal year though you can easily get the start date changed later and it determines the maximum setup process. It will be easier to get the start date set in the beginning than to going on and changing it later.
How to Change The Start Date in QuickBooks
Let’s have a look on how the start date changes in QuickBooks at different levels and for different people.
1. Changing Job Transaction or Customer Dates
- Tap on the menu of Customers and choose Customer Center
- Get the Transaction tab selected
- Then choose the type of transaction that you are willing to edit. Some of the common transactions are Invoices, Balance Details, Statement Charges and Sales Orders
- Click twice on the transaction that you are going to edit and then tap on the field of Date, after that by using the calendar get the new date entered
- After that click on Save
2. Changing Vendor Transaction Dates
- Tap on the menu of Vendors and then choose Vendor Center to get the vendor transactions changed
- Choose Vendors tab
- Noe from the list choose vendor in order to edit the transactions that are based on vendor
- Click twice on the field of Date and then click on the icon of Calendar so that you can change the date and choose a new date
3. Changing The QuickBooks Start Date
To change the quickbooks start date, You need to follow mentioned below steps:
Total Time: 6 minutes
Click the menu of Lists and then choose Chart of Accounts
Click twice of Opening Bal Equity account so that you can have access of account register
Then scroll upwards towards the register’s first item. Then ensure that date of every transaction that have a memo and reads Opening Balance is changed. This will get the date changed for every item that has a start date in QuickBooks. You can also get the other items changes that are not related with the opening balance.
Sample Issue that customers face while choosing the start date in QuickBooks:
Users receive the error when they try to get the start date of inventory adjusted and also the quantity on hand. The problem goes like this: The inventory was set at 816 and get started in 10/31 and then it was saved. Later on, you realized that inventory has to be started on 0/1 and not on 10/31 and then you have to get the count adjusted on hand to thousand. While doing this you receive an error saying that transaction with the Inventory QOH Products cannot be dated earlier that ‘Inventory Start Date’ for this particular Product.
Need Professional Help?
In order to know advanced steps and step by step resolutions, you can get in touch with our SMB customer support team. Experts at SMB Accountants will provide you on-time support with no delays.
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