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henry7
Level 1
posted
‎August 07, 2019 10:45 PM
last updated ‎August 07, 2019 2:45 PM

New financial year and switching to Quickbooks online. Should I start fresh or import my data?

For the financial year 01/04/2018 to 31/03/2019, we used Quickbooks Desktop. However, for the current financial year (01/04/2019 onwards), we are moving to Quickbooks online as the person who did this through Desktop has left.

I have set up our new Online account - is it best to import our data for last year from Desktop, or should we start afresh?

If we were to start over (I would prefer to, as I would like to do things a certain way), how would last years balances work, etc. We want everything to reconcile.
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Best answer August 08, 2019
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BettyJaneB
QuickBooks Team
QuickBooks Team
‎August 08, 2019 12:41 AM

New financial year and switching to Quickbooks online. Should I start fresh or import my data?

Hi there, @henry7.

 

You can start over in QuickBooks Online. I've got some instructions for you on how to handle your last year's balances.

 

Once you import your data from QuickBooks Desktop to QuickBooks Online, all of your transactions will be transferred. Having that said, I'd suggest moving your list only (vendors, customers, inventory, and chart of accounts) to QuickBooks Online, so you can start over and manage it in your accounting way.

 

Once done, you can enter the remaining balance from your previous years' transaction and have it recorded as the beginning balance on your QuickBooks Online. This way you can start creating your transactions in the online version.

 

I've got here some resources that you can refer to about QuickBooks Online and its functionalities:

However, if you need further assistance with the procedure, you can always reach out to our Customer Care Team. 

 

I'll be around to help you out if you have any other questions about this. Just leave a reply below and we'll take it from there. Thanks for coming!

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BettyJaneB
QuickBooks Team
QuickBooks Team
‎August 08, 2019 12:41 AM

New financial year and switching to Quickbooks online. Should I start fresh or import my data?

Hi there, @henry7.

 

You can start over in QuickBooks Online. I've got some instructions for you on how to handle your last year's balances.

 

Once you import your data from QuickBooks Desktop to QuickBooks Online, all of your transactions will be transferred. Having that said, I'd suggest moving your list only (vendors, customers, inventory, and chart of accounts) to QuickBooks Online, so you can start over and manage it in your accounting way.

 

Once done, you can enter the remaining balance from your previous years' transaction and have it recorded as the beginning balance on your QuickBooks Online. This way you can start creating your transactions in the online version.

 

I've got here some resources that you can refer to about QuickBooks Online and its functionalities:

However, if you need further assistance with the procedure, you can always reach out to our Customer Care Team. 

 

I'll be around to help you out if you have any other questions about this. Just leave a reply below and we'll take it from there. Thanks for coming!

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