View Full Version : New owner of existing store
I have recently taken over an existing retail store that has been in business for about 9 months. The previous owners started using quickbooks but stopped entering most data after about 6 months. One thing they kept up fairly well was the inventory. We are a gift shop with about 3000 different items. I want to use Quickbooks & because of the large inventory database, would not like to start over. What can I do to keep their inventory and most of their accounts but start over financially on the day we took over?
Thanks for the help,
07-28-2004, 10:25 PM
Print a trial balance for the day you took over. Once you have the printout, do a general journal entry for each and every account except the inventory accounts. If an account has a debit balance, enter a credit balance for that account. If an account has a credit balance, enter a debit balance for that account. Do nothing to the inventory accounts.
To finish your general journal entry, make a debit or credit entry (whichever is required to balance the transaction) to an owner's equity account. Post and you are on your way.
Personally, I would do a backup before I began so that if I screwed up, I still could access the original data.
Got it, especially the part about a backup. I will give it a try.
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