starting from scratch

Honey29 · ‎September 12, 2020

Business started on March 2019 but they didn't have quickbooks. From January I started to record all the transactions in quickbooks online. So how to bring last year information? Should I make journal entries from their last year p&l or how should I bring? Please someone help me. Thanks

MadelynC · ‎September 12, 2020

I’m here to make sure your past transactions will be recorded to QuickBooks Online, @Honey29.

There are ways to enter your past transactions in QuickBooks. Depends on your preference, you can enter them individually or create a monthly Profit and Loss entries.

If you preferred to record them one-by-one, you’ll want to enter past sales, account receivable (A/R) transactions and past vendor events. The system updates your bank balance as you enter payments received from customers and payments to vendors.

There are two ways to enter past sales, you can choose either chronologically or by batch. For the vendor, you’ll need to follow this order:

Bills

Select the +New button then create Bill.
Enter each bill received between your start date and today.
Be sure to assign amounts to the correct expense accounts.

Credits from vendors

Got to the +New button, then choose Vendor Credit.
Enter credits received.

Payments

Go back to the Vendor page then Make Payment.
Record each bill payment made between your start date and today.
Be sure the payment date field shows the payment date.

You can refer to this article for detailed instruction: Enter historical information.

Otherwise, you can create Journal Entry as you suggested. You can seek assistance from your accountant for the accuracy of your books.

In case you have payroll data that needs to be entered in the system, you can visit this to guide for the process: Set up a prior payroll for QuickBooks Online Payroll.

Don’t hesitate to reach out again if you have follow up question. I’ll be more than happy to answer them for you.

View solution in original post

MadelynC · ‎September 12, 2020

I’m here to make sure your past transactions will be recorded to QuickBooks Online, @Honey29.

There are ways to enter your past transactions in QuickBooks. Depends on your preference, you can enter them individually or create a monthly Profit and Loss entries.

If you preferred to record them one-by-one, you’ll want to enter past sales, account receivable (A/R) transactions and past vendor events. The system updates your bank balance as you enter payments received from customers and payments to vendors.

There are two ways to enter past sales, you can choose either chronologically or by batch. For the vendor, you’ll need to follow this order:

Bills

Select the +New button then create Bill.
Enter each bill received between your start date and today.
Be sure to assign amounts to the correct expense accounts.

Credits from vendors

Got to the +New button, then choose Vendor Credit.
Enter credits received.

Payments

Go back to the Vendor page then Make Payment.
Record each bill payment made between your start date and today.
Be sure the payment date field shows the payment date.

You can refer to this article for detailed instruction: Enter historical information.

Otherwise, you can create Journal Entry as you suggested. You can seek assistance from your accountant for the accuracy of your books.

In case you have payroll data that needs to be entered in the system, you can visit this to guide for the process: Set up a prior payroll for QuickBooks Online Payroll.

Don’t hesitate to reach out again if you have follow up question. I’ll be more than happy to answer them for you.

Honey29 · ‎September 14, 2020

Thanks for your response. In 2019 for example 20000 is total sales and 200000 is expenses. What is the journal entry to record this transaction for 2019?

Honey29 · ‎September 14, 2020

Thanks for your response. Can you please suggest the journal entry for example 20000 sales and 200000 expenses for 2019. How can i write journal entry for last year transaction?

ReyJohn_D · ‎September 14, 2020

You'll have to consult an accountant on what accounts to use, @Honey29.

He/she can also recommend the amounts to debit and credit to ensure the accuracy of your data. This way, you'll know what to enter on the Accounts, Debits, Credits columns of your journal entry. For the detailed steps, please refer to this article: Create a journal entry.

If you're not affiliated with one, you can visit our Find-a-ProAdvisor website to look for an expert near you.

Once everything looks good, you may reconcile your account to make sure your books are correct. Then, you can quickly access your reconciliation report and print and export it so you have a copy on hand.

Please let me know if you have more questions about this or any QuickBooks concerns you may have. Have a great day.

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