QuickBooks Simple question

[Pacun]

Some people don't ask questions because they are embarrassed that their question will be so basic. I don't have that problem AND I need help with quickbooks.

A construction Company gave me all 14 bank statements. I am entering the deposits or money received. I have date, amount and counter or online deposits.

I have been entering each deposit by pressing next and next... I have done Jan 2010. Income statement looks good so far... everything looks good.

I just realized that I do not need to click next on top but rather continue on the next line below.

What's the difference?

What's the best way?

[kcjenkins]

The best way is whichever way saves you time, WHILE STILL LEAVING YOU FEELING COMFORTABLE ABOUT THE PROCESS. Most do just go on to the next line, which clearly is one less step, but some feel better when they click 'next' because they feel certain that 'closes' the previous entry.

[Pacun]

The best way is whichever way saves you time, WHILE STILL LEAVING YOU FEELING COMFORTABLE ABOUT THE PROCESS. Most do just go on to the next line, which clearly is one less step, but some feel better when they click 'next' because they feel certain that 'closes' the previous entry.

Thank you.

I have another problem.

I saw a deposit that read "transfer from Chk 9202", I thought someone paid for services and made a direct deposit and I chose Contracting income... I see that type of deposit every other month, which makes me think that this is his personal account and I should be using an Equity account. How hard it is to go back and change those deposits if client confirms that he was injecting his company? Will my reports show a bunch of mistakes?

[Catherine]

Thank you.

I have another problem.

I saw a deposit that read "transfer from Chk 9202", I thought someone paid for services and made a direct deposit and I chose Contracting income... I see that type of deposit every other month, which makes me think that this is his personal account and I should be using an Equity account. How hard it is to go back and change those deposits if client confirms that he was injecting his company? Will my reports show a bunch of mistakes?

First thing is to get info from the client on where those checks came from. If it turns out to be owner investment, edit the deposit and instead of an income account as the source, choose the owner equity account.

[grandmabee]

Some people don't ask questions because they are embarrassed that their question will be so basic. I don't have that problem AND I need help with quickbooks.

A construction Company gave me all 14 bank statements. I am entering the deposits or money received. I have date, amount and counter or online deposits.

I have been entering each deposit by pressing next and next... I have done Jan 2010. Income statement looks good so far... everything looks good.

I just realized that I do not need to click next on top but rather continue on the next line below.

What's the difference?

What's the best way?

differece is the date will stay the same if you just go to next line if you hit next you change the date of deposit

[Cathy]

Pancun,

You can also open the company's check register and enter "after the fact" checks and deposits. It's like entering into an ordinary check register.

Cathy

[samingeorgia]

I did a years' worth of entry for two companies on QuickBooks and instead of entering each deposit separately, I created an Excel spreadsheet with totals for each month and entered 12 totals instead of hundreds of deposits. Example: Total deposits for June = $ 17,468.90, credited as "Sales" $ 10,950.83; "Loan from Bank" $ 6,000.00; "Sales Tax Liability" $ 518.07.

I think it saved me time. Of course, I didn't have to go back and forth with the client as to "What was this deposit for?" because it was pretty clear-cut. However, the client can't add worth a hoot, so the bank is always running deposit adjustments, debit or credit, and I adjusted for this on the spreadsheet.