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Carolexx
Level 4

adding a credit card transactions after months are closed

Desktop enterprise......I am entering transactions for 2019 and I'm done reconciling 5 accounts for each month through July.  My boss has now given me a new American Express Credit Card to add to the monthly transactions.  How do I enter all the transactions from January 2019 through July without messing up what has already been reconciled?  I am entering all transactions manually and have still ended up with some problems like invoices that I did not construct ending up with weird balances in income.  I hate how invoices are put into this file.  It supposed to keep a running balance on a contract but I have given up on that since it doesn't' do the job correctly.  but that's another question.

3 Comments 3
GraceC
QuickBooks Team

adding a credit card transactions after months are closed

Hello there, @Carolexx.

 

You have the option to import transactions to QuickBooks Desktop is using the IIF file format.

 

Here's how:

  1. Go to the File menu, then select Utilities.
  2. Click Import and look for Web Connect Files.
  3. Select the the file that you saved, then select Open.
  4. When prompted to select a bank account, use:
    • Use an existing QuickBooks account if the account you'll be using is already set up in QuickBooks.
    • Create a new QuickBooks account if the account is not yet set up.
  5. Select Continue. You should see a dialogue box telling you that the data has been successfully read into QuickBooks. Select OK.
  6. Go to the Bank Feeds Center to review your transactions.

You can read through this article for more details: Export, import, and edit IIF files.

 

Once you reconcile the current month period, make sure that you don't include the manually enter transactions.

 

Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Have a good one and keep safe.

Carolexx
Level 4

adding a credit card transactions after months are closed

  1. Thank you for your answer.  I know how to bring in transactions using the bank feeds.  I am not allowed to use the bank feeds and am entering everything manually for the year 2019, that was not the point.
  2. I am not in the ONline version but am using Desktop Enterprise solutions hosted by rights networks... ( this is most of the reason why bringing in the transactions through bank feeds is not practical and causes more problems then it's worth).
  3. I need to know specifically
    1. after reconciling 6 months of the main bank account that paid the amex monthly payments,  should I enter the transactions each month and reconcile the new cc monthly or
    2. is there a way to bulk reconcile 6 months of transactions with the amex account using the beginning balance in January and the ending balance on July 31.
    3. If I am able to bulk enter transactions, will use the bulk method....or any method mess up the reconciliation of the main bank account where payments went to the AMEX account?  If it does undo the main bank account, do I just go back and re-reconcile each month or is there a way to avoid this messing up the main bank account.  I don't want to go back and have to re reconcile everything because I add a new credit card.
MirriamM
Moderator

adding a credit card transactions after months are closed

Thanks for getting back to us and providing detailed information about your concern, @Carolexx.

 

To answer your first question, reconciling bank accounts is best practiced monthly. This is to identify fraudulent or bookeeping and accounting errors. 

 

For your second question, you can reconcile them without having to do so one month at a time. The recommended method to reconcile them is one year at a time. You can check this article for more information about this process: Reconcile an account for multiple months or years of transactions and financial statements.

 

As for your last question, you can enter transactions by batch for hassle free. 

 

Post again in the Community if you have additional concerns. I'm here to keep helping. Have a good one.

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