Setting Up & Implementing QuickBooks
Are you a small & medium sized enterprise (SME) looking for tips on how to get your accounting records set-up in QuickBooks? Here are the list of account balances you should have for easy migration/start-up with QuickBooks:
1. Customer or Jobs List
2. List of Vendors (if any)
3. Fixed Assets List & Current Value.
4. List of Bank Account Balances & Petty Cash Balances at Hand
5. Inventory Names, Cost of Purchases, Sales Price & Quantity.
6. Account Receivables – List of Debtors & Balances
7. Account Payables – List of Creditors & Balances
8. Any Outstanding Expenses Payable to Vendors
9. Tax Agencies & VAT Payable Balances
10. Loan or Facilities Balances (if any)
11. Owners’ Earnings or Additional Capital (if available)
12. Names of Income & Expense Channels.