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OIM

How do i enter previous year transactions in new quickbooks?

 
11 Comments
OIM

Hi Shawn! Great question! Enter past sales and A/R,...

Hi Shawn!


Great question!

Enter past sales and A/R, as well as past vendor and A/P transactions, before entering any past checking or bank transactions.  QuickBooks Online updates your bank balance as you enter payments received from customers and payments to vendors.

Customer Transactions (A/R) 
There are two ways to enter sales and A/R transactions.  Both methods ensure accurate reporting.

  1. Chronologically:  Enter transactions (charges, invoices, credits, payments) in the same order they were created or received.  This method creates a record of all the invoices you sent.
  2. In Batches:  Enter all charges and credits that customers already know about, followed by payments received.  Print a single invoice for each customer to clear their invoice record of the past activity.  Then enter remaining charges and credits you haven't informed customers of, and start sending real invoices. This method doesn't leave a record of invoices you sent.

Vendor Transactions (A/P) 
As you enter your A/P transactions, enter the dates of the original transactions. Enter your historical bill transactions in the following order:

  1. Bills:  Go to the  Vendor Center then click Create Bill and enter each bill received between your start date and today. Be sure to assign amounts to the correct expense accounts.
  2. Credits from vendors:  Got to the Symbol then Vendor Credit to enter credits received between your start date and today.
  3. Payments:  Go back to the Vendor Center then  Make Payment, record each bill payment made between your start date and today. 

4.     

    • Be sure the Payment Date field shows the payment date.  

     

    Entering Banking Transactions

    • If you're entering historical transactions for more than a one-month time frame, enter the transactions one month at a time and reconcile all bank accounts before going to the next month. 
    • If you're using online banking to download some of these transactions, you need to be aware that we can't provide more than 90 days of downloads from online banking.  Anything before the 90 day period will need to be manually entered.  However, you might be able to get information older than 90 days by using Web-Connect.   Please see our KnowledgeBase article KB 2627, How do I use Web-Connect?: https://community.intuit.com/articles/1145233.
    • If you've used online banking to download up to 90 days of history into an account, the Opening Balance is the first entry on the bank register and by default it's marked Reconciled.  If you're going to enter historical transactions either by manual entry or by using WebConnect so your bank register entries go back farther than 90 days you'll need to delete the Opening Balance Entry created by QuickBooks Online Banking Admin and enter the opening balance for the date you're starting your historical transactions using the method described above and then move forward with your data entry.

    I hope this helps! 

    OIM

    What if there were thousands of such transactions? You su...

    What if there were thousands of such transactions? You suggest that we add them manually?
    OIM

    I am in the same scenario.  I have my chart of accounts c...

    I am in the same scenario.  I have my chart of accounts created and am going back to the beginning of this year.  What I have done (and it has worked well for me so far) is downloaded all my statements by month as .qbo files and imported them.  I can categorize each transaction and make sure it is mapped properly.  Yes, it is time consuming, but I know it will be correct!  I tried linking all my accounts initially, not realizing the automation only went back 90 days.  Uploading prior to that 90 period turned out to be a NIGHTMARE for all my balances......if you don't want to do it personally, you can always hire a QB consultant to get you started and get you familiar with this platform.
    Active Member

    when you say statments, you mean bank statements?

    when you say statments, you mean bank statements?
    Active Member

    Re: Hi Shawn! Great question! Enter past sales and A/R,...

    Hi! I’m also trying to enter previous statements into qbo (ten years worth to be specific) so majority

    of it will be by manual entry. I’ve already linked the bank accounts so there is an opening balance and the last three months have reconciled. How to go about entering (for example) my bank statements from 2012? I don’t want to have an error with the opening balance but unless I’m missing a step- I’m unable to change the opening balance. Hope this makes sense. Thank you. 

    Established Member

    emailing statements to my customers

     
    QuickBooks Team

    Re: emailing statements to my customers

    Thanks for visiting the Community, @cyndithompson.

     

    It’s my pleasure to lend a hand with emailing customer statements in QuickBooks Online.

     

    With QBO, you can create and email statements for single or multiple customers. Here's how:

     

    For a single customer:
    1.    Go to the Sales menu and select Customers.
    2.    Choose the customer you want to create a statement for.
    3.    From the Actions drop-down, select Create Statement.
    4.    Select the type of statement you want to create.
    5.    Set the Statement Date, Start Date, and End Date.
    6.    Click Apply.
    7.    Hit Save and send.

     

     

     

     

    For multiple customers:
    1.    Go to the Plus icon and select Statement.
    2.    Select the type of statement you want to create.
    3.    Set the Statement Date, Customer Balance Status, Start Date, and End Date.
    4.    Click Apply.
    5.    Choose the recipients.
    6.    Hit Save and send.

     

     

    customer statement 5.0.PNG customer statement 6.0.PNG

     

    Here’s an article that tackles more about this: How to create and manage statements.


    That should get you pointed in the right direction. Please let me know if you have any questions about statements, I’ll be more than happy to answer them for you. Thanks for dropping by and take care!

    Frequent Contributor *

    Re: emailing statements to my customers

    If you need transactions imported more than 90 days back, you will need to contact your bank to get a CSV (comma separated values) spreadsheet from your bank for the affected time period. You may need to pay your bank a fee for this unless there is an extenuating circumstance, such as the bank feed coming into Quickbooks reversed for an extended period of time.  Otherwise, everything needs to be entered manually. The CSV file can be imported into Quickbooks. 

    Senior Explorer *

    Re: How do i enter previous year transactions in new quickbooks?

    On many banking sites or credit card sites you can download transactions that are older than 3 months and import them into QuickBooks.  

    Frequent Explorer *

    Re: What if there were thousands of such transactions? You su...

    I usually use transaction pro importer for large amounts of data ($19.99/mo[can do 1 time purchases]) and always do a small test first of like 5 transactions since unlike qb desktop, you can't try things in a sample co. file.

    Frequent Explorer ***

    Re: How do i enter previous year transactions in new quickbooks?

    Lots of good answers here. Hope that at least one of these answers solves the problem!