Upon joining VRPlatform as a customer, a set of initial balance entries in QuickBooks Online (QBO) becomes essential to ensure a smooth transition from previous accounting methods to our trust accounting process. These entries, if applicable, include:
Beginning Balance Location Entry: This entry is mandatory for all new users. It sets the foundation for accurate financial tracking between the trust and operating accounts.
Beginning Trust Balance Entry: This entry is essential if you're initiating a new QBO subscription at your designated start date. It serves to establish the initial trust balance crucial for capturing accurate account balance details.
Cash to Accrual Entry: Recommended only if your entity follows cash-basis accounting. This entry facilitates the transition to accrual accounting, ensuring accurate financial reporting.
For more detailed information on each entry, please click the respective link.