Quickbooks Desktop 2017 – opening balances

Hello everyone, I have some questions regarding opening balances!
a)The date of transactions when i setup the company was 01/01/2016 ,so I would not be able to enter any entries before that date! What is the best way of entering Retained Earnings and Profit/Loss accounts? Do you reccomend entering all accounts one by one as they be in the previous software TB? I saw some ways in tutorials with using an Opening Balance Account, however they use a 2015 date to record Retained Earnings which I will not be able to do.
b)My companies VAT period is DEC2016-FEB2017, by entering the closing balances (31/12/2016) in Journal Entries will the VAT report be able to recognise sales/purchases and vat related figues when I print the VAT report for period DEC2016-DEB2017?

1 answer

Peter Connor Staff January 30, 2017

If you’re a customer of Bullet just click the (?) in the dashboard for instant free support. If you’re not getting instant support window you need to turn on JavaScript in your browser. 
So I’ll split this answer into two
We generally give people converting over the following advice:
Run a Trial Balance on your existing accounting software.
1) Enter all your currently outstanding invoices and bills into bullet (only the ones with payment due – not the paid ones).
2) Take a look at the Trial Balance on Bullet.
3) Figure out the difference between the original trial balance you got from your old software and the trial balance in Bullet.
4) Enter these differences as a big manual journal entry.
After the above, your trial balance on Bullet should be the same as on your old software, and you’re all ready to go.
With regard to your VAT3 you’ll need to enter the bills, invoices into Bullet, if you’re looking for Bullet to generate all the returns. If not you can just enter the VAT total into the VAT accounts. 
You can change the frequency of tax payments by clicking on Tax, and there you’ll see the option for Tax Frequency. 
Thanks Pete


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