The Rest of the Story

Throughout the preceding sections in this chapter, we describe how you prepare for and then step through the QuickBooks Setup process. After you complete the QuickBooks Setup, you still have a few tasks to take care of:

If you chose not to enter opening balances in the QuickBooks Setup, you need to describe in detail your stock, your customer receivables, and (if you choose to track supplier bills you owe) your supplier payables.

If you are VAT registered, you need to describe your VAT liability (or refund) balance.

You also need to load all the remaining balances in the QuickBooks trial balance, and if you are doing this the “slightly awkward way” you also need to describe any year-to-date income and year-to-date expenses that aren’t recorded as part of getting your customer receivables and supplier payables entered into QuickBooks.