How to Start Over with Quickbooks Online
In this episode, Nick Baldo introduces the Real Estate Accounting Boot Camp course and guides listeners through transitioning to QuickBooks online. He provides a detailed walk-through of setting up QuickBooks for real estate accounting, adding various account types and expense types, and correcting common errors. The episode concludes with establishing a set point in time for moving forward with the new system.
Key Points
- To transition to using QuickBooks online with a two-dimensional chart of accounts and class tracking, establish a specific point in time to start fresh without revisiting all past transactions.
- Use journal entries to add past financial data into QuickBooks online, ensuring that the books match the balance sheet and profit and loss statements up to the established point in time.
- If transitioning from a single dimensional to a two-dimensional chart of accounts in QuickBooks, remove the old accounts by creating offsetting entries and then re-enter them correctly with the new classification system.
End-to-End QB Training: https://www.incomedigs.com/reab Free QBO MiniCamp: https://bit.ly/3uNlesQ
My students always ask: "What do I do w/ my old data? I want to start fresh w/ QBO...but I have a ton of history to deal with". Use a simple journal entry instead of going back and slogging through thousands of transactions.
NOTE - This is a sample lesson from our end to end course: Real Estate Accounting Bootcamp. Check it out here: https://www.incomedigs.com/reab
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Transcript
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