Question

When setting up a QBs file, enter your year-to-date income and expenses in a General Journal Entry, unless there have been no year-to-date expenses, such as if you begin the file at the start of the fiscal year

a-true
b-false

Answer 1

When setting up a QBs file, you may need to enter your year-to-date income and expenses in a General Journal Entry depending on the start date of the fiscal year.

Step-by-step explanation:

When setting up a QBs file, you need to enter your year-to-date income and expenses in a General Journal Entry, unless there have been no year-to-date expenses, such as if you begin the file at the start of the fiscal year.

For example, if you start your QBs file in the middle of the fiscal year and have already incurred some expenses and earned some income, you would enter those amounts in the General Journal Entry.

However, if you start the QBs file at the beginning of the fiscal year and have not yet incurred any expenses, you would not need to enter any year-to-date expenses.