Hello,

I think I may have to restart a client's bookwork.  Scenario is, he has none of his ending balances from 2007, and has asked me to do 2008 bookwork.  All I have is o/b for bank for 2008, with photocopies of some chqs written in Dec 2007 (ie payroll/vendors).  I also have some 2007 invoices that payment has not been collected. What is the best way to approach this.

Start a new file and leave history tab open and enter the A/R balances?  If I do this, will I be able to roll forward 08 file when the new fiscal year approaches if history is not closed?

 Basically, it is a new file with very little if any, past balances available... he has NO access to a trial balance for 07.

Thanks.

I'm afraid I won't be much help to you as far as the bookkeeping/accounting side of your question, hopefully some of our other community members can share their experiences with you on that aspect.  What I can tell you though, is that you would not be able to advance a fiscal year while in history mode. 

I would be inclined to start a new company for 2008. I would enter as much information from Dec. 31, 2007 as you have while in history mode - bank balance and outstanding receivables if that is all you have.

What you need from 2007 is a complete balance sheet to give you the opening balances for January 1, 2008.

Somewhere, somehow, somebody has filed a 2007 tax return (at least I hope so) for this client. With a little luck the tax return was done by an accountant who has working papers which should give you all the information you need.

Once you have entered all the information you are able to get, finish history and carry on. In your client notes you should have details on what you were able to get and what is missing from 2007.

You can only work with the information your client gives you.

If, at some later time you get further information from 2007 you can make a journal entry (entries ???) to enter the missing balance sheet information. As you make these entries one side will be either a dr or a cr to retained earnings.