1. Soar, Inc., is an ongoing business with many historical transactions. What do you advise regarding recording the
Posted: Fri May 20, 2022 3:36 pm
1. Soar, Inc., is an ongoing business with many historical transactions. What do you advise regarding recording these transactions in the company’s newly converted QBO company file?
A. All historical transactions will migrate to QBO regardless of the prior accounting software used.
B. Prepare a journal entry for all historical transactions impacting income statement accounts.
C. You can create a new transaction form for each opening balance.
D. It’s best to keep those old transactions in a separate file, such as an Excel workbook.
A. All historical transactions will migrate to QBO regardless of the prior accounting software used.
B. Prepare a journal entry for all historical transactions impacting income statement accounts.
C. You can create a new transaction form for each opening balance.
D. It’s best to keep those old transactions in a separate file, such as an Excel workbook.