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Frequent Contributor *
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Entering previous year bank statement

I need help bad!!!!

 

I am attempting to get a company up and running, however, the company changed names mid year last year and it changed from a sole proprietership (sp) to an LLC as well.

 

He wants me to get him back on track however the only items I have to go by are bank statements.  He has no receipts, no check stubs, no cooresponding invoices.  (we have the invoices but to match them with deposits will be a nightmare.)  It seems that it should be so simple, but it really isn't.  Everything will have to be in a special all inclusive chart of accounts.   The whole year will be virtually clumped together only separated by month.

 

HELP! ANYONE!!

Best answer 05-17-2018 09:34 AM

Accepted Solutions
QuickBooks Team

Re: Entering previous year bank statement

I'll be helping you from here, Reveille. You're in good hands with me. Like AshH said, you can upload your transactions, en masse, to QuickBooks Desktop. In order to import transactions from the bank into QuickBooks, the file will need to be a .QBO file format. Some banks offer this format from their online banking sites. Otherwise, the transactions will have to be entered in manually. I'm including steps to upload the file into QuickBooks Desktop. There are two ways to download these files into QuickBooks:

Note: Be sure to back up your company file before uploading transactions, so you can start over in case of any issues. You can find steps to do so here: https://community.intuit.com/articles/1436816-back-up-the-quickbooks-company-file

Outside QuickBooks:

  • Access your bank’s website through a web browser outside QuickBooks.
  • Log in to your bank account using your customer ID and password.
  • Download your online transaction activity via QuickBooks Web Connect file (.QBO).
  • From the QuickBooks File menu, select Utilities > Import >Web Connect Files.
  • Select the .QBO file you saved then click Open.
  • When prompted to Select Bank Account, select: 
    • Use an existing QuickBooks account if the account you are importing the transactions into is already set up in QuickBooks.
    • Create a new QuickBooks account if the account you are importing the transactions into is not yet in QuickBooks. Type a name.

     

  • Click Continue. You should see a box telling you the data has been successfully read into QuickBooks. Click OK.
  • Go to the Bank Feeds Center to review your transactions (Banking>Bank Feeds>Bank Feeds Center).

Inside QuickBooks:

  • Access your bank’s website within QuickBooks. From the Bank Feeds center, choose the appropriate bank, then select Download Transactions. A QuickBooks browser window opens and displays your bank’s website. Use your customer ID and password to log in.

Once you have uploaded your file(s) you can start adding the transactions to QuickBooks. You will be able to categorize payees, income/expense accounts, and more. You can even have transactions auto categorized with Bank Rules. I have attached an article on Bank Rules here: https://community.intuit.com/articles/1550952-use-renaming-rules-for-bank-feeds . If you have any questions about these steps, or anything else QuickBooks, feel free to comment back.

 

43 Comments
QuickBooks Team

Re: Entering previous year bank statement

Hi Reveille.

 

Thanks for contacting Community. It does certainly sound like there is a lot to do but maybe I can help.

 

As you say the only information you have are bank statements then you will have two main options. You can either add each of these transactions into the QuickBooks account manually and assign them to particular chart of accounts/ categories accordingly as you go.

 

Alternatively if you have these bank statements in a csv file or still have access to the Online banking where you will be able to download the statements in the form of a csv file, you will be able to upload these statements into QuickBooks from the Banking page. This will import each transaction from the csv file into QuickBooks allowing you to assign each to a specific Chart of Account or Category.

 

You will also have the option to create new Chart of Accounts from the Accounting page should the pre-established ones not be available.

 

Let me know if there is anything else I can help with and I will be back in touch.

Frequent Contributor *

Re: Entering previous year bank statement

It sounds like the best option will be the first one.  But, call me stupid but where do you enter the actual statements.  Or do you just enter the charges, revenue (deposits) and expenses then assign them to the chart to the best of your ability.

 

Where should I go to begin with, this is just so foreign to me, doing it this way, and it doesn't help that I'm a perfectionist.

 

BTW, I'm on QB 2018 Desktop.

 

Thanks so much for your help!!!

QuickBooks Team

Re: Entering previous year bank statement

Hey Reveille, can you advise if you are using the UK version of Desktop 2018 or the US product?

Frequent Contributor *

Re: Entering previous year bank statement

I am using the US version.

 

Thanks so much for your help!!

QuickBooks Team

Re: Entering previous year bank statement

Hey Reveille,

 

Thanks for the confirmation. As we typically work on the UK products here, I'll transfer your post to our US team who will be best placed to help you with this one.

Frequent Contributor *

Re: Entering previous year bank statement

Thank you so much!  I had no idea.

 

I'm just so desperate for help, that I wasn't paying any attention.

 

Thanks,

Reveille

Frequent Contributor *

Re: Entering previous year bank statement

I can tell now, that they do have some information entered from an old qb file that goes back to 2015 but this file looks very incomplete and it's very hard to follow. How difficult would it be to use a beginning balance as of January 1 2017 and manually enter transactions from the statements from there.  I don't know if I can trust or match the entries they already have.  In this case, I would use the first statements beginning balance.  (January) and  continue on until the businesses name change, and new bank account was created in June 2017.

 

I'm just hoping I can reconcile using just the statements.  Not having more information to go on is a bit foreign to me and I am concerned I'm going to mess something up.  HELP!

 

Thanks in advance for your outstanding help!!

 

Reveille

QuickBooks Team

Re: Entering previous year bank statement

I'll be helping you from here, Reveille. You're in good hands with me. Like AshH said, you can upload your transactions, en masse, to QuickBooks Desktop. In order to import transactions from the bank into QuickBooks, the file will need to be a .QBO file format. Some banks offer this format from their online banking sites. Otherwise, the transactions will have to be entered in manually. I'm including steps to upload the file into QuickBooks Desktop. There are two ways to download these files into QuickBooks:

Note: Be sure to back up your company file before uploading transactions, so you can start over in case of any issues. You can find steps to do so here: https://community.intuit.com/articles/1436816-back-up-the-quickbooks-company-file

Outside QuickBooks:

  • Access your bank’s website through a web browser outside QuickBooks.
  • Log in to your bank account using your customer ID and password.
  • Download your online transaction activity via QuickBooks Web Connect file (.QBO).
  • From the QuickBooks File menu, select Utilities > Import >Web Connect Files.
  • Select the .QBO file you saved then click Open.
  • When prompted to Select Bank Account, select: 
    • Use an existing QuickBooks account if the account you are importing the transactions into is already set up in QuickBooks.
    • Create a new QuickBooks account if the account you are importing the transactions into is not yet in QuickBooks. Type a name.

     

  • Click Continue. You should see a box telling you the data has been successfully read into QuickBooks. Click OK.
  • Go to the Bank Feeds Center to review your transactions (Banking>Bank Feeds>Bank Feeds Center).

Inside QuickBooks:

  • Access your bank’s website within QuickBooks. From the Bank Feeds center, choose the appropriate bank, then select Download Transactions. A QuickBooks browser window opens and displays your bank’s website. Use your customer ID and password to log in.

Once you have uploaded your file(s) you can start adding the transactions to QuickBooks. You will be able to categorize payees, income/expense accounts, and more. You can even have transactions auto categorized with Bank Rules. I have attached an article on Bank Rules here: https://community.intuit.com/articles/1550952-use-renaming-rules-for-bank-feeds . If you have any questions about these steps, or anything else QuickBooks, feel free to comment back.

 

Frequent Contributor *

Re: Entering previous year bank statement

Thanks so much!  I'm currently working on this.  I'll let y'all know when I have it done. 

 

Thanks!

Reveille

QuickBooks Team

Re: Entering previous year bank statement

Of course! I'm glad the information I provided helped. I want to make sure that you get the most out of QuickBooks, so I'm including a link with articles and tutorials: https://community.intuit.com/quickbooks-desktop . I look forward to hearing from you.

Frequent Contributor *

Re: Entering previous year bank statement

AWESOME!!!!  This is such a help and even more it is comforting to know that you have a support team that can help you!!  When I finally get this files uploaded, I'll let you know.

 

Reveille

Frequent Contributor *

Re: Entering previous year bank statement

 so I have gotten the .QBO files from the bank and have downloaded them into quickbooks desktop.  These files are also saved on the server.

 

Now, do I comb the statements and catergorize the expenses, deposits etc.  Keep in mind that I have statements from January 1, 2017 all the way to May 21, 2018 

QuickBooks Team

Re: Entering previous year bank statement

Hey there, @Reveille.

 

Welcome back to the Community. I'm glad you were able to get a hold of those .QBO files. Now that you have them imported into QuickBooks, you can start categorizing the transactions. Bank Rules can be a big help when doing this. They allow you to categorize and re-categorize transactions quickly and efficiently. I'll attach the article here so you have it: https://community.intuit.com/articles/1550952-use-renaming-rules-for-bank-feeds . Let me know if you need anything while working on this.

Frequent Contributor *

Re: Entering previous year bank statement

Here's the thing, for all intents and purposes there isn't a chart of accounts for 2017.  I am literally creating a business that ran from January to June, then transferring that business to a different name in July.  I guess, I'm really at a loss as to how to handle transactions other than deposits.  If you would like I can give you some examples.  I have no receipts etc., just bank statements.

 

I still need to get the statements for the new bank used for the new company.

 

Thanks for y'alls help!!

QuickBooks Team

Re: Entering previous year bank statement

No worries, @Reveille. I'll provide you everything I can to get you up and running. Since you mentioned not having a Chart of Accounts, I'll go over how you can create an account, and how to import a Chart of Accounts with a spreadsheet. This will help you with categorizing the transactions. Creating an account is simple. Here's how:

  • While in QuickBooks, go to Lists and select Chart of Accounts.
    Note: Alternatively, you can use the hot key Ctrl+A to pull up the Chart of Accounts.
  • In the lower left-hand corner, select Account and click New (or Ctrl+N).
  • Choose the type of account you want to create and select Continue.
  • Add in a name and any other information you'd like to see.
  • Click Save & Close if you're done creating accounts, or Save & New if you want to enter another account
    Note: You can also quick add on the go while entering the transactions in the Bank Feeds Center, or anywhere else by hitting the Tab key when entering information into a transaction. Doing this will cause the Quick Create menu to appear.

If you don't want to add the accounts in one by one, you have another option available. This method will require a spreadsheet with your Chart of Accounts on it. Here's how:
Note: It is high recommended you back up your company file before doing this. Here's how: https://intuit.me/2LhdFzA

  • Go to File in the upper left-hand corner.
  • Go down to Utilities, then click Import, and then Excel Files...
  • Click No.
  • Click Advanced import on the right-hand side.
  • Browse for your file.
  • (Optional) Check the box This data file has header rows to identify the available headers from your file.
  • Click Choose a mapping drop down box and then Add New.
  • On the mapping name field, add a name to easily identify the mapping (Customer, Vendors, etc…)
  • From the Import type drop down, choose the data you are importing.
  • Match the QuickBooks columns with the Import Data columns. 
  • Click Save.
  • Select Preview to verify the mapping is correct.
  • Finally, click Import to complete the import.

Once you have your Chart of Accounts set up, categorizing your bank transactions should be simple. I also want to leave you the link for the Proadvisor website. In case you're more of a hands-on person, or prefer to work with someone directly, this website can connect you with Intuit-certified accountants and bookkeepers in your local area: https://intuit.me/2gLUvHi . If you have anything else for me, don't hesitate to ask, Reveille.

Frequent Contributor *

Re: Entering previous year bank statement

I am also getting current payments for jobs.  We use Total Appraisal software, I'm just going to merge that info into quickbooks under the new company name.  I'll have to work my way backwards and just continue entering in the daily information into the new company as payments come in.

 

If this makes any sense!  LOL

Frequent Contributor *

Re: Entering previous year bank statement

Now that I have at least gotten last year's bank statements, I need to categorize the transactions using the chart of accounts that I have created.  Although as I enter these transactions there will be a need to add or subtract an account from the chart.

 

A simple explanation is great!  I have looked online and haven't found anything about this that I can decipher, but I will continue trying (I really am smarter than I sound).

 

Reveille

QuickBooks Team

Re: Entering previous year bank statement

Good afternoon, @Reveille.

 

I want to make sure you have an easy time managing and understanding your Chart of Accounts. I have an article I'd like to pass along that outlines the different account types and how you can use them. You'll find the article here: https://community.intuit.com/articles/1502203-understand-quickbooks-chart-of-accounts . Let me know if you have any specific questions about this information. I look forward to hearing from you.

Frequent Contributor *

Re: Entering previous year bank statement

I have created my chart of accounts.  I was already used to doing this.  Question: In which, I should know the answer to....as I go along....I "can" edit the chart of accounts as needed, right?

Frequent Contributor *

Re: Entering previous year bank statement

On to the next....

 

I've got my statements from last year.  This will guide me through the process of recording transactions.  For now, with only the info from the statements, this should be relatively easy.

 

My understanding is that I should import web connect files of the statements, and I have done that.  Now, I just need to figure out how to categorize these transactions into the chart of accounts that I have created.  The most efficient way of doing this is most desirable.

 

I'm going to go ahead and push forward with this.  I know I'll make mistakes, but if there is any advice or cautions y'all could give me, that would be wonderful!!

 

Reveille

QuickBooks Team

Re: Entering previous year bank statement

Hey, @Reveille.

 

You can edit your accounts after creating them. It's a pretty simple process, too. Here's how: 

  • In the upper left-hand corner, select Lists, and then click Chart of Accounts.
  • Right-click the account you want to edit and choose Edit Account.
  • Make the necessary changes.
  • Click Save & Close

If you need to delete an account, you have two options for doing this: merging out an account and making a register inactive. I'm providing steps on both methods.

Merging accounts: 

Note: If there are any transactions in the account you're trying to merge out, these transactions will appear on the register the account is merged to.

  • In the upper left-hand corner, select Lists, and then Chat of Accounts.
  • Right-click on the account you want to remove and select Edit.
  • Change the name to match exactly to the account you want to merge into.
  • Click Save & Close. a prompt will come up asking if you want to merge the two accounts.
  • Click Yes to merge the two accounts.
    Note: this operation is irreversible.

Make accounts inactive:

Note: this does not delete the account, it only makes the account not appear on the Chart of Accounts.

  • In the upper left-hand corner, select Lists, and then Chat of Accounts.
  • Right-click on the account you want to remove and select Make Account Inactive.
    Note: if you need to make an account active again, check the box across the bottom for Include Inactive. You will see the account with an "X" to the left of the name. Click this X to make active again.

Should you need anything else, Reveille, let me know.

 

 

Frequent Contributor *

Re: Entering previous year bank statement

I have one other problem that I have no idea how to resolve...there are charges on the bank statements to a credit card account, thinking this was business use, I asked, well it seems it was for private use.  How do I delineate transactions for business versus personal.  It does not seem that I'll get a credit card statement since its personal, how does one handle this?

Highlighted
QuickBooks Team

Re: Entering previous year bank statement

Hi, @Reveille.

 

I have some information to share with you about how QuickBooks would handle something like this. QuickBooks, at its base, is a business accounting software. If you have personal accounts in QuickBooks, they will be grouped as if they were a part of the business. You can use classes to try and separate the two. In QuickBooks, you can create classes that you assign to transactions. This lets you track account balances by department, business office or location, separate properties you own, or any other meaningful breakdown of your business. I have some steps here for setting up Class Tracking if you're interested. Here's how: 

  • In the upper left-hand corner, choose Edit, then click Preferences.
  • From Preferences, click Accounting on the list to the left.
  • Select the Company Preferences tab.
  • In the Class section, click the bubble for "Use class tracking for transactions".

  • Click OK.

Should you need anything else, you know how to get a hold of me, Reveille.

Frequent Contributor *

Re: Entering previous year bank statement

I have begun entering transactions from bank statements past.  How can I look at a snapshot of what I've entered or I should say look at the entries so far.  I want to make sure that I'm putting them in the correct accounts and get a better perspective on what's going on, as I'm in this process.   I'm not using the check register, should I?

 

Reveille