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Level 2

Just got QB DT and want to enter Last year's data? and more questions

I have manually entered all the 2022 data to date. Saw a video where the man said its best to do it manually until you know what you're doing before setting up the bank feeds. I think he was right as it forced me to figure some things out.

So I'd now like to manually enter last year's data (for help with my taxes this year). 

1) Is it ok to just change the starting balance of my check register to 1/1/2021 and that starting balance and enter them all manually that same way until I'm up to date? 

2) My other question is last year, I used 3 different cards to pay expenses. This year I'm mainly using just one for this business to make it easier. I have entered a category for that credit card because my business (an apt. house) pays that credit card in full each month from the business checking. Its not a business credit card in my S Corp's name but I'm only using it for S corp. Card is in my name. Is that ok to show it on the books since not in the S Corp's name?


3) With the other 2 credit cards, I have to find and enter the few transactions I used them for. About 90 % was made on the above card but I was still having some transactions.  I'm thinking I should not add those credit cards to the business accounts but just record the few transactions into my expenses under some name I choose for them to differentiate them from the one I have added and then treat it as a draw (distribution) and maybe later reimburse if desired?


4) A related and final question is this: I used the main card I use for this business to purchase a gift card for Home Depot because I was having trouble with an online order. I then used that gift card to purchase my item for the business. My business checking account will auto pay the entire balance this coming May (the item ordered and the 100 gift card). How do I handle that? 


Thank you so much for any help!


Desktop Pro Plus 2022

2 Comments 2

Just got QB DT and want to enter Last year's data? and more questions

I appreciate the detailed information about your concerns, Raeka8.


Let me answer each of them. With your first and second questions, the answer is yes, you can change the starting balance and ensure when you reconcile you have to start that month.


Regarding the third question, if you're recording business expenses made with personal funds, here's what you'll have to do.


You can record the business expense you paid with personal funds by creating a journal entry. But before doing the process, I recommend reaching out to your account for further guidance and other options.


Here's how:


  1. Go to the Company menu and select Make General Journal Entries.
  2. On the first line, select the expense account for the purchase.
  3. Enter the purchase amount in the Debits column.
  4. On the second line, select Partner's equity or Owner's equity.
  5. Enter the same purchase amount in the Credits column.
  6. Make sure your debits equal your credits.
  7. Select Save & Close.


Once done, you can record the reimbursement as a Check.


For your last question, record the purchase using the main card. Then, when payment is available use the checking account. You can check this article for more details: Set up, use, and pay credit card accounts.


Let me know how the steps work. I'll be right here if you have follow-up questions or any concerns.

Level 2

Just got QB DT and want to enter Last year's data? and more questions

Thank you.

It currently states the first date in 2022 is opening balance. Do I change that before I start?

Also, if I download my data for 2021 from the bank into a folder on my computer, they give several choices of data format, one of which is IIF and also .qbo. It would save me a lot of time to import that rather than manually enter each.

Which way should I import it? IIF or QBO?

 Will it know which categories to put it in?

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