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Level 1

Putting in historical data

I am trying to set up QB after several months of being in business. When I connected my checking account, it uploaded all of my bank transactions. I checked each transaction that has run through my bank against the transactions that uploaded in QB to ensure everything is there. I did this literally transaction by transaction to ensure accuracy. Its all there. I made sure they were put in the proper account (ie category: Utilities Vendor: GA Power Now, do I need to go back and add a bill for GA Power, or will my vendor accounts just be correct for each months P&L (accrual basis) because I included GA Power as the vendor and put it in the right category? Is it necessary to enter a bill for it when it is historical now and been matched with the bank transaction? If I enter it as a bill, I wouldn't want to pay it because it was a bank debit since we pay everything online rather than writing a check. Thanks in advance!
Not applicable

Re: Putting in historical data

I can certainly help share some insights, @bah.


It'd be necessary to enter a bill if you wish to see these transactions correctly in accrual basis. Then you can apply the payment based on the account used in the register.


However, if it's a cash basis report, you can just continue creating the expense that you're matching with your bank transaction.


Should you need some related articles you can use in the future, feel free to visit our help site: Reports and accounting for QuickBooks Online.


Please know that I'm always here to help anytime. Don't hesitate to update me if you have followed up questions about your historical transactions.

Level 1

Re: Putting in historical data

Thanks so much! I was just reading about how to switch from cash basis to accrual in QB which lends me to ask..... Since we are talking about 20 months of transactions, entering every bill would be very time consuming. So if I leave it as cash basis say up to the beginning of 2019, can I just enter the bills starting at 2019 and run it on the accrual basis from there? Also, we have some bills (ie garbage, water) that were paid on a credit card. The monthly payment to the credit card was shown as an expense to the credit card company (Citi Bank) and matched with the bank transaction. But I have not entered the garbage bill and the amount due in QB. How do I handle those on cash basis? Accrual basis? As it is now if I pull up GA Power, it doesn't reflect any payments made on the credit card of course. But the Citi Bank account shows the monthly payments made to it. What I am aiming at is an attempt at creating a monthly P&L that better reflects the company moving forward. I realize it will reflect different stories from cash basis versus accrual. But I would like it to be reflective of accrual going forward.

Re: Putting in historical data

Hi @bah,


Recording and posting transactions depend on the date you've entered or recorded them. But I'd recommend contacting your accountant to help you handle and record your transactions.


Nevertheless, you'll want to record your bills or expenses and enter the date the same as the date of your downloaded transactions.


To do so, you can follow the steps below in recording your bills:

  1. Go to the Plus icon.
  2. Under Vendor, select Bills.
  3. Enter all information for your bill.
  4. Click Save and close.

In addition, here's an article you can read to learn more about recording your expenses: How to Enter and Pay Bills?


This way, they'll be recorded and will be posted into your Profit and Loss report on Accrual basis of your accounting method.


Lastly, you cal always visit our Help Articles page for QuickBooks Online if in case you need some tips and related articles for future reference.


If there's anything else that I can help you with, please let me know in the comment section down below. I'll be always around ready to help.

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