![]() ![]() I know something is out of sorts when I go to the client ledger, see an invoice, see the payment posted to the invoice as payment in full, but then see a Deposit in the Customer ledger, too? When I click on the Deposit, to investigate further, in the top field for “Deposit To” the client has somehow been able to type Undeposited Funds, which generates a negative deposit that somehow they are able to save and close. I’m seeing something that is hard for me to even know how my client is managing to do this. I’m loving some of these comments - I guess we’ve all seen some strange things our clients manage to do when it comes to Undeposited Funds (sounds like bank recs aren’t being done for some of these people either! – Hah). Feel free to contact a Henry+Horne professional adviser we would love to answer them as well as any other questions you may have.LOL. ![]() Our professionals have many years of experience working with construction, dealerships, restaurants, nonprofits, governments, and technology industries. While these QuickBooks tips may be easy to implement, we understand if you still have questions. Setting a closing date and password prevents unauthorized or accidental changes from happening.įor more information on helpful things QuickBooks can do, check out this article on why CPAs everywhere love it. Tip 1 is a simple step you can take to prevent changes to prior period balances. If there is a difference, most times you will not know how or what makes up this difference. If your organization has an audit, one of the first things your auditor will look at is whether the beginning equity balance agrees with the prior year ending balance. Also, don’t forget to add memos to each transaction to explain what was done. Otherwise, these transactions will continue to show up on the bank reconciliation report as an outstanding transaction. When you prepare the next bank reconciliation, you must clear the two journal entries you made above. Enter a journal entry dated in the current period, reversing the entry in b.Then select the appropriate checking account the original check was written from and enter the check amount in the credit column. Select the account that was debited when the original check was created and enter the check amount in the debit column. Enter a journal entry dated the same date as the original check.From the check register, find the check that needs to be voided and select “void check.”.To avoid changing information presented in prior period financial statements, you can make the following entries into QuickBooks: Often, this check may have been written in a period that has already been audited or closed out. If you void a check in QuickBooks, the system will void the check in the period the check was written rather than the period the check was voided. Voiding checks without affecting a prior period To enter a closing date, select the Edit menu, choose Preferences, then Accounting, select the Accounting Preferences tab, then choose Set Date/Password and enter the closing date and password in the respective spaces. This is done so that you are notified and prompted prior to the change being posted into QuickBooks. Once this closing date has been set, any changes made to periods prior to the closing date will require a password. This should be done at the close of each year-end, after all adjustments have been made. Because of this, there are two tips I often give clients who use QuickBooks. Because it is so easy to use, transactions can be changed easily, most times without thought to how these changes may affect prior periods. However, the very thing you love about the software can also be a source of trouble for you when it comes to certain activities. It’s hard to deny how easy QuickBooks accounting software is to use. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |