FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After converting from QuickBooks Desktop, what are 2 reasons that the Balance Sheet and Profit and Loss might not agree when comparing QuickBooks Online to

After converting from QuickBooks Desktop, what are 2 reasons that the Balance Sheet and Profit and Loss might not agree when comparing QuickBooks Online to QuickBooks Desktop?

  • The initial reconciliation has not been completed in QuickBooks Online
  • Sales tax is not turned on in QuickBooks Online
  • FIFO tracking date is different from the conversion date
  • Recurring transactions were not imported correctly
  • The reports were run on different accounting methods

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Markets And Institutions

Financial Markets And Institutions

Authors: Peter Howells, Keith Bain

5th Edition

0273709194, 9780273709190

More Books

Students also viewed these Accounting questions

Question

★★★★★
What types of industries, if any, should be subjected to industrial regulation? What specific problems does industrial regulation entail?

Answered: 1 week ago

Question

★★★★★
Find derivatives of the functions defined as follows. y = 4e 0.3x

Answered: 1 week ago

Question

★★★★★
=+28. Patient forms. The medical facility in Exercise 27 also keeps track of the number of errors found when transcribing information from patient forms. Last year the average number of errors was...

Answered: 1 week ago

Question

★★★★★
Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $7,740,000. Ranns engaged in the following transactions during the year. 1. Purchased...

Answered: 1 week ago

Question

★★★★★
Which of the following statements with respect to the ITA 44.1 deferral provisions on small business investments is NOT correct ? Select one: a. The replacement shares must be the common shares of an...

Answered: 1 week ago

Question

★★★★★
On January 1, 2014, Prince Corporation acquired 70% of the 100,000 outstanding voting shares of Song Limited for a cash consideration of $1,015,000. On that date, shares of Song Limited were trading...

Answered: 1 week ago

Question

★★★★★
For the upcoming year, Spa Supplies expects to generate $3,850,000 of revenue. Since their busy season is the spring and summer, they expect 78% of the annual revenue to be earned in Q2 and Q3 and...

Answered: 1 week ago

Question

★★★★★
Question 6 (9 points) Crocley company leased a self-manufactured machine to Yaxon company on January 1, 2022. The machine has a cost of $220,000. The lease is for an 8-year period and requires equal...

Answered: 1 week ago

Question

★★★★★
Given your personal experience with online college courses and/or remote working, what challenges and benefits have you personally had with remote working in the academic and/or professional...

Answered: 1 week ago

Question

★★★★★
Q2a) Better Health Hospital- Income Statement (2018/19 Financial Year) *Note: All figures in $'000* Q2b) Better Health Hospital- Balance Sheet (2018/19 Financial Year) *Note: All figures in $'000*...

Answered: 1 week ago

Question

★★★★★
50 units @ $106 60 units @ $118 20 units @ $126 70 units @ $130 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory...

Answered: 1 week ago

Question

★★★★★
=+Am I aware that while I have my account settings set to private, they really are not?

Answered: 1 week ago

Question

★★★★★
=+2. You are applying for an internship with Texas Roadhouse for the summer, and the manager has asked you to come up with some potential ideas for the restaurant to use for storytelling on social...

Answered: 1 week ago

Question

★★★★★
=+Do I care if people search previous updates (pictures, messages, blog posts, etc.) to use for job interviews?

Answered: 1 week ago

Previous Question Next Question