Reentering Data Due To No Backup
I just screwed up my business records!!
When entering expenses incurred does everything that is on our bank statements and credit card statements HAVE to be in my accounting program? What about the items that were not purchases for the business? Do I just put those in without a tax code? ie: tax exempt?
My software was recently updated and I lost a bunch of things. So in going back I plan on copying my bank statement right into the program and reconciling afterwards. Now for claiming taxes - tax exempt? Am I just entering every item so that the records match?
HELP!!!!! TIME IS CRITICAL
WOW ... first lesson I hoped you learned is always, Always, ALWAYS backup before you do a software update. Are you sure your software updating program didn't do an automatic backup copy for you prior to converting?
There is no shortcut to re-entering your data if you want accurate information AND information that matches whatever has already been filed with CRA and/or IRS. You didn't say how many years we are talking about here.
Read this forum post on entering information from the bank statement.
With regards how to enter your personal expenses that I assume were charged to your business account, see this post if you are a corporation. If you are a sole proprietor, then see this post instead
... and yes, when I enter personal expenses in QuickBooks, I leave the sales tax field blank.
... and yes, if you want to balance, every item on your bank and credit card statements has to be entered ... unless the personal transactions (not the business transactions) were grouped and entered as one entry each month to owner's draw.
P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.
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