Hi there, @Jt72.
Yes, you'll need to import the last year's bank statement into QuickBooks for your reference. You can use the following supported formats or file types:
- Comma-Separated Values (CSV)
- Quicken (QFX)
- QuickBooks Online (QBO)
- Microsoft Money (OFX)
Once the bank file is ready, start importing the file to your QuickBooks Online company by following these steps:
- Go to the Banking menu and select Banking.
- Choose File upload from the Update drop-down. You can also select Upload transactions manually.
- Hit Browse and pick the downloaded file.
- Select Next.
- From the QuickBooks account drop-down list, choose the account to which to upload the bank transactions, and select Next.
- If you're using a CSV file, follow the prompt to select columns from the CSV file that match QuickBooks Online banking fields. Another option is through the Import Data page. To do so, click the Gear icon, select Import Data, then hit Bank Data.
- Click Next.
- Select Let's go! or Finish.
Once done, you can create each transaction manually so it will be detailed starting from the old transactions. You can create monthly or quarterly the Journal entry, Profit and Loss, and Balance sheet report. Or how detailed you wish to have the last year's information.
Once everything is downloaded, just go back to the For Review tab to complete this task. This way, your financial records are correct before you reconcile the account. To learn more about this process, visit this article: Categorising Bank Transactions.
Please let me know in the comments if you have other questions or concerns. I'm just a post away to help you out again. Take care!
