Final Steps to Finalise Your New Quickbooks File

FINAL STEPS TO FINALISE YOUR NEW RECKON ACCOUNTS FILE

Attached to this email you should find the following documents:

1. Debtors and Creditors Opening Balances… 2. Unpresented Cheques in a new system…

Now we have set up your new Reckon Accounts file there are a few things that still need to be done in it.

1. Record individually all of your open invoices (Accounts receivable) at the 30.06.09. These all need to be entered into the new file.

2. Record individually all of your open bills (Accounts Payable) at the 30.06.09. These all need to be entered into the new file.

To record the debtors and creditors in lines 3 and 4 above. Follow the instructions in the word document attached EXACTLY.

3. Enter all cheques that are not presented in your old file in any of your BANK Or CREDIT CARD accounts by the 30th June (ie. the account has been reconciled in the old file to the 30th June and these cheques are still sitting there unreconciled).

If during this process you realise that there are Unpresented Cheques or credit card transactions in your old system that should not be there at all (ie really old Cheques), these need to be reversed in the old file (as they will have already gone through your BAS and possibly last years tax return). (Make sure you use the same allocation account and the same tax code when reversing the transaction).

Once they are reversed you will have a debit and credit entry in the old file for the same amount You need to tick both of these. They will negate each other and not have an impact on the reconciled balance. Once they are all ticked re-reconcile your account in the old file. Do this by recording the reconciliation date as exactly the same date as previously reconciled ie. 30.06.0x and the reconciliation balance as exactly the same balance as previously reconciled (ie the true balance of the account at that date). Make sure all items are ticked as described above. If you have done it properly then your balance will not have changed and will be correct. Hit the reconcile button.

When you go back into the reconciliation of the account the only transactions that should now be left will be the true Unpresented Cheques that need to carry into the new file. Follow the instructions in the attachment to deal with these Unpresented Cheques correctly.

4. Do an Inventory Adjustment in your new file to bring in Inventory Opening Balances. When you do this use the account "Opening Balance Equity" as the adjustment account. (Only use this account, this time, you would never normally use this account).

Your final inventory balance should be the same in the new file as in the old file. Check that this is the case.

5. Re-setup your Price Levels. If you go to Lists/Price Levels you will find I have created each of the price levels you had in your old file. I have not however set up the appropriate prices for each price level item by item. You will need to do this. However your price level should still be attached to the appropriate customers.

6. Your memorised transactions will not have carried forward. Remember to re-memorise any regular transactions as you go.

7. Your memorised reports will not have carried forward. Remember to re-memorise reports you use regularly as you go.

8. After your Tax Agent does your Tax Return for the 2008-09 year we can enter the rest of the opening balances into your new Reckon Accounts file. Once this is done you should end up with a $0.00 balance in Opening Balance Equity and your Balance Sheet in Reckon Accounts at 30.06.09 in the new file matching your Tax Agents financial figures. Let us know when you receive your financials back from your Tax Agent if you would like help with this.

Good luck with your new file.