Importing previous prepared annual accounts.

Hi PeterSM Thanks for reaching out to us here on the Community. When you refer to your annual return complied by your accountant is different to that in QuickBooks, are you referring to a specific report in QuickBooks or the income tax self assessment section?

Thanks for your help.

I want to use QBO to prepare my company accounts and corporation tax return for 2024. So I want to enter the details from my accountant's paper return for 2023 so that the 2024 return will start with the correct figures. Not the income tax self-assessment.

Hi PeterSM Thanks for confirming. There isn't a method of entering the details directly into QuickBooks that corresponds with the previous paper returns. Do you have any of the data held on a spreadsheet/s from the system that the accountant was using or were they not using an accountancy software, just paper based?

I can certainly get it in a spreadsheet.

Hi PeterSM If you could obtain the trial balance report and then use the data from the report to create an opening balance journal, please note that you would have to enter all the creditors/suppliers and debtors/customers separately within the journal. The only other options would be to either enter all the details manually or obtain all the information in spreadsheets and use the import function within QuickBooks. Select the cog/gear icon > import data > select the relevant option you'd like to import, please note that the information on the spreadsheets you'd like to import has to be the same format as the sample file contained within each heading.

Hmm, I won't have that level of detail. Just totals like:

Turnover = XXXXX

Operating profit = xxxxx

Hi, PeterSM. Let me help you adjust the annual return for the previous year in QBO so that the figures will be correct for 2024.

If the data that you have only contains totals, you can download a journal template from QBO and then input those totals into the file. After this, you'll have to manually import the file again to QBO so the changes will apply. To download a template, follow these steps:

1. Click the cog/gear icon.
2. Select Import.
3. Select Journal Entry.
4. Click Download an example.

After applying the totals to the template, follow these steps to import the journal entries into QBO:

1. Go to Settings, then select Import data.
2. Select Journal Entries.
3. On the Import journal entries page, select Browse.
4. Note: If you need help formatting your journal entries, select Download an example.
5. Find and select your CSV file. Select Open, then Next.
6. Map your information. CSV Column headers represent the headers on your spreadsheet. From each header ▼ dropdown, select the one that matches a QuickBooks field. 
7. Select Next. If there’s an error, edit the file and try again.
8. Select Start import.
9. Select OK.

Additionally, it's always a good idea to verify these types of actions with your accountant. You can also find one in your area in QuickBooks by searching the ProAdvisor site.

Lastly, you can refer to this article to reverse a journal entry to swap the debits and credits, or delete it entirely: Reverse or delete a journal entry in QuickBooks Online.

This thread is always open if you require further assistance importing previously prepared annual accounts. The Community team will be available to lend a hand.

Thanks, I will try that and report back.