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.
There are two ways to enter sales and A/R transactions. Both methods ensure accurate reporting.
As you enter your A/P transactions, enter the dates of the original transactions. Enter your historical bill transactions in the following order:
Entering Banking Transactions
I hope this helps!
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.
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.
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!
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.
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.
I am in similar kind of situation.
Till now we were using QBE, but have decided to move to QBO. We preferred not migrating entire data to QBO, but rather maintain it up to Dec 31, 2019 in QBE, and then migrate from Jan 1, 2020 to QBO-Advanced. Now I have created the Chart of Account in QBO and have updated the opening balance as of Jan 1, 2020 except for the following where I am not able to edit the balance.
1. Accounts Receivables and it sub-types
2. Accounts Payable
3. Fixed Asset
Can anyone help me with a solution here. How can I update the opening balance for these accounts.
Also, as for AR which is pertaining to previous period, should I update the invoice so that when payment is received, we can apply to the invoice and close the transaction (I am assuming I will need to import only those invoices which are contributing to the open AR as of Dec 31, 2020).
Thank you for your help,
Let me share to you how QuickBooks Online (QBO) handle these default accounts, Smit1.
Accounts Payable and Accounts Receivable are default accounts in QBO for tracking AR balances and payable transactions which is why we cannot change it. However, QuickBooks allows you to create multiple A/R and A/P accounts.
To fix the balances, you can create a Journal Entry. I also suggest to consult your accountant first before doing this process because every customer account with a sales tax balance would have to have an individual line item entry made to it.
You can refer to this article on how to create a Journal Entry: Resolve A/R or A/P balances on a cash basis Balance Sheet.
Let me know if you need further assistance about this process. I'll be here to help. Take care.