What dates and amounts should you use when entering outstanding checks and deposits into a new QuickBooks Online file?

When entering outstanding checks and deposits into a new QuickBooks Online file, it is important to use the dates and amounts from the client's original file. This approach ensures that the financial data is accurate and reflects the transactions that have not yet cleared the bank at the point of transitioning to a new accounting system.

Using the original file provides a complete and accurate representation of the company's financial situation prior to starting fresh with QuickBooks Online. By retaining the original dates, you maintain the chronological integrity of transactions, which is essential for accurate reconciliation and reporting.

In contrast, relying on dates from the last recorded reconciliation could lead to discrepancies because those transactions might have been adjusted or not reflect all outstanding transactions. Using today’s date on original amounts would also misrepresent the timing of those transactions, potentially leading to confusion in bank reconciliations and financial reporting. Entering amounts as zero would also neglect the significance of those outstanding transactions, which need to be accounted for to provide an accurate financial picture.