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I just asked a question and lost the link they sent me to, to ask a cpa. can you get me back to that page?

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I have someone I'm assisting in repairing their QBO account. They had a "so called" bookkeeper helping them reconcile two years of reconciliations they were behind on.This person deleted transactions and input some all the way back to 2013...long story short.. they demolished the QB account.I told them they need to start a new QB's, and so they started a new QB's account in the existing QB online, but not a total new QB's.SO their balance sheet is still showing the old accounts - their numbers will never be accurate.What would be their best option.
- Keep what they have started and delete/make inactive these old QB accounts?- start a all new QB's?Either way, can they enter past income and expenses as a total lump sum - to one account? For instance, all expenses to One expense account and income to One income account?It of course would not be broken out into categories, but at least they would know their true income vs expense for those prior years.It is just too far back to repair/reconcile. If they have a CPA come in to repair this it would be very costly.Any advice would be most appreciated. Thank you

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No, thank you

Submitted: 6 months ago.Category: Finance
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Answered in 7 days by:
3/19/2018
Financial Professional: PDtax, CPA, MBA replied 6 months ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,154
Experience: Tax professional and business consultant for 35 years.
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Hi from Just Answer. I'mCustomer and can assist.

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Financial Professional: PDtax, CPA, MBA replied 6 months ago

I would start with 1/1/17 and record all the transactions for 2017.

Then, I would do a year end reconciliation so that my cash account was correct.

Then, I would recreate the balance sheet with balances I knew were correct, likely from last year's tax returns and current year asset and liability/equity transactions.

If my records did not balance, then I would create a one time 'prior period adjustment' as either income or loss, and report it for 2017 tax purposes.

Saves the tedious recreation of records, and you will have good figures for 2017 tax reporting.

I hope that is an easier, less costly solution. If you like it, positive feedback, five stars being best, ***** ***** bonus if warranted will be appreciated. I'mCustomer

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Financial Professional: PDtax, CPA, MBA replied 6 months ago

Hi again.Customerhere.

Can I ask for positive feedback to complete your request? Thanks.

Customer/p>
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Financial Professional: PDtax, CPA, MBA replied 6 months ago

Hi again.Customerhere.

Do you need anything further? If your question has been addressed, please rate my response to close out your request.

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