Hello, I have a new business that started up in November 2019 and I am just now beginning to utilize Quickbooks for my accounting. I wonder if there is a way to import all the expenses that the company has incurred thus far (paid for by my personal accounts as the company has not created any revenue yet), or if each expense needs to be input manually into the journal entry section as a debit with a credit shareholders loan to match. Thanks
It's great that you're going to begin using QuickBooks Online to manage your small business finances. I know it can be a large task to set up your books if you have history and transactions you'd like to input. I'll explain your options.
QuickBooks lets you import Bank Data, Customers, Suppliers, Chart of Accounts, Products and Services, Invoices, and Bills. If your expenses are currently in your personal bank account, you can consider connecting this bank to the bank feed to import your transactions that way. Then, once you've imported all the necessary transactions, you can add them from the bank feed page.