How can I carry forward the balance from the current financial year to the next financial year?How can I import an Excel file that includes sales receipts under receipt?

Welcome, Imashi! We're pleased to have you here. Below, let me explain how QuickBooks Online (QBO) automatically carries the balance from the current financial year to the next.  I'll also guide you through the process of importing sales receipt transactions.

In QBO, there's no need for manual intervention to carry forward the balance from the current financial year to the next. QuickBooks automatically transfers all account balances as part of its year-end process. Just ensure that all your transactions for the current year are accurately recorded and reconciled.

Regarding your question about how to import sales receipt transactions from an Excel file under the "Receipts" tab. It's important to note that currently in QBO, the "Upload receipts" option supports only the uploading of receipts related to expenses.

However, here's a workaround to import your Sales receipts into QBO:

1. Navigate to the Transactions menu.
2. Click on the Bank transactions tab, then select the Link account drop-down.
3. Choose 'Upload from file'.
   
   
4. Ensure that your sales receipt file is saved in .CSV format, then either drag and drop or select the files  in the provided box.
    
5. Follow the onscreen instructions to complete the import.

Refer to this article for more details about the process: Manually upload the transactions in QBO.

Once you've uploaded your transactions in QBO, you can explore these articles to help you manage and make the most of your uploaded transactions:

• Categorize online bank transactions in QuickBooks Online.
• Confirm suggested matches for bank transactions in QuickBooks Online.

If you have any follow-up questions about importing transactions or managing your QuickBooks Online records, please feel free to add a comment below. I'm here to help. Have a great day!

Can I make any adjustments to the previous financial year after carrying forward the balances to the next financial year?

Yes, you can make adjustments to the previous financial year in QuickBooks Online (QBO) even after carrying forward the balances to the next financial year. However, this process requires some careful steps to ensure the integrity of your financial records is maintained. I'll explain the details and considerations you need to take below.

First off, if you have previously closed the books for that specific financial year, you will need to reopen them. This can be achieved by modifying the closing date in the account settings within QBO. Keep in mind if you had set a password when you initially closed the books, you will need this password to reopen them.

Here's how:

1. To begin, sign in to QuickBooks Online as a primary admin or company admin. Only admins can make these changes.
2. Head over to the Gear icon, then choose Account and settings.
3. Click on the Advanced tab.
   
4. In the Accounting section, select Edit.
5. Change the Closing date.
   
6. Hit Save, then Done.

You can check this article for more information: Edit your closed books in QuickBooks Online.

After the books are reopened, you can proceed to make the necessary edits. It's important to note making changes to a closed period can affect your current financial reports and tax filings. Hence, before proceeding, it is advisable to consult with an accountant to understand the potential implications of making changes to a closed financial year, such as impacts on tax reporting and compliance with accounting standards.

Once done, remember to close the books again to prevent any further unauthorized changes, and update the closing date and password if needed. This ensures your financial data remains secure and the reports continue to reflect the accurate state of your finances.

I've gathered useful articles to help you use reports for effective cash flow tracking and to customize your reports in specific ways.

• Use reports to track cash flow in QuickBooks Online
• Common custom reports in QuickBooks Online

Furthermore, check in with our Live Expert Assisted team for customized support with your books. They can offer tailored advice to ensure accurate bookkeeping and provide valuable tips.

Your meticulous attention to detail and commitment to maintaining accurate records is truly commendable. If you have any further questions or require personalized assistance, please do not hesitate to reach out. Our support team is always available to help. Feel free to contact us anytime here in the Community. Have a good one!

How can I add the product list all at once using the Selmo report?

Thank you for rejoining this thread, Imashi. Let me clarify how QuickBooks Online (QBO) handles the importing of product lists.

Currently, QBO does not support generating a Selmo report directly within the platform, as these reports require specific formatting and data compilation.

However, you can still add your product list all at once by importing data from a spreadsheet. Here are the steps to follow:

1. Log in to your QuickBooks Online account.
2. Ensure your product list is in an Excel or CSV format.
3. Click on the Gear icon at the top right.
4. Select the Import data.
5. Go to the record type drop-down arrow and choose the Products and Services.
6. Hit Import.
7. Click the Import CSV.
8. Map your information. From each dropdown menu, select the one that matches a field in QuickBooks Online.

• Note: Make sure you select the correct date format.
  

After importing the data into QuickBooks Online, this is how it will appear.

9. Following that, select Save.

For additional details about this importing feature in QuickBooks Online, please refer to this article: Import products and services into QuickBooks Online.

Moreover, If you are using a QuickBooks Online Advanced account, you can take advantage of the spreadsheet sync feature to efficiently manage extensive data sets. This feature helps optimize reporting processes and ensures your financial and inventory records are consistently updated and synchronized.

Here's how:

1. Log in to your QuickBooks Online account.
2. Click the Gear icon.
3. Select Spreadsheet Sync.
4. Read the following instructions on the pop-up.

For more information on importing the data using Spreadsheet Sync, you can check this article: Get started with Spreadsheet Sync for QuickBooks Online Advanced or Accountant.

Finally, I'll share this resource on how to customize the report in QuickBooks Online: Common custom reports in QuickBooks Online.

If you have other questions about importing in QBO, feel free to add a reply below. The Community team is always available to lend a hand.