Accounting & Bookkeeping & Small Business Forum

[Guest]

I just got my very first client!!! Very exited about that.
I do have a lot of paper work to enter into Quickbooks. It’s a start-up restaurant. Is it ok to enter all the invoices/bills on a spreadsheet by category and then make journal entries into the G/L?

[Guest]

Congratulations!

It is OK to use a spreadsheet to collect all the information, although as you become more comfortable with the software applications, you'll find them even easier to work with than the spreadsheet software. It will also aid the research process if the individual transactions are posted in the General Ledger rather than just the totals.

Good Luck!

[Guest]

Yes, congrats! It is ok to use spreadsheet, but remember you are handling the paper twice.Quickbooks does simplify entries. When you enter it distributes to appropriate accounts, as well as creates your data base. Good luck.

[Guest]

Catch-up: additional comment to answer above.

Hello

The advice above is good. However, before you spend anymore time, please find out what an auditor might require, etc...

I was once in a similar position as you. I also used excel spreadsheets to assemble all collected information, but entered only the totals into the accounting program. The company had retained Price Waterhouse Coopers to prepare its tax returns, and it was they who told me TOTALS WERE NOT ACCEPTABLE. The transactions for these totals had to be included. I had to go back and enter all individual transactions seperately into the accounting program, therby tying each entry to its related GL account total. Payroll entries were made in the general journal. Payable and Receivable entries were made in the indivual customer and vendor subsidiary accounts. Tax and inventory entries in the general journal. Once completed and balanced, the auditors went ahead and prepared the Corp. tax returns. ...

Hope this helps as well. Good Luck. eva.