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Opening new file for existing company QuickBooks

Hi guys, 

I needed open new file for existing company, as the old one was running many years. 

I need some advise as I don't work in accountancy and I just do bookkeeping up to trial balance. 

1. I opened new file and imported list of suppliers/customers and chart of accounts.

2. As in old file I had some bills which has not been yet paid I entered them as a bills to each supplier putting them on members equity accounts (date - the end of financial year).

3. To each customers which hasn't paid invoice yet I made general journal, using the same account as mentioned above - members equity (date- the end of financial year). 

4. The next step is prepayments on suppliers. In old file I entered bills on prepayments account (date- the end of financial year), I am not sure how shall I transfer them to new file? 

5.After closing last vat period (ending date the same as the end of financial year) I received some vat invoices with expenses incurred in last financial year, so I added them both in old and new file. Can I credit them without vat? Am I doing right?

6. Then I am gonna transfer figures from balance sheet only. 


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20th Nov 2017 23:09

4. You need to enter a debit on the prepayments account, credit members equity. Then credit prepayments and debit the expense codes to clear prepayments.

5. Strictly speaking you should show the correct VAT creditor at the year end so put them through with VAT then do the same for the new year.

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