Entering Historical Data by JE only

You can use JE for your needs and use an importer tool to proceed.

https://get.transactionpro.com/qbo

Hello there, @Victoria_M.

I'm here to help enter your historical data from a different software into QuickBooks Online (QBO).

As mentioned by Fiat Lux - ASIA above, you can create a journal entry for your historical data without entering all the invoices, bills, and payments. However, I recommend seeking help from your accountant to ensure you're using the correct account. Here's how:

1. Click the + New button, then select Journal entry.
2. Enter the necessary information.
3. Select Save and close.

I'm adding this article for more guidance: Create journal entries in QuickBooks Online.

Since you're transferring to QBO, you can check out this article to learn how to get started QBO: Get started and adjust settings after you sign up for QuickBooks Online.

Come back to this post if you have other concerns or follow-up questions about this. I'll be right here to provide further assistance.

When I enter total monthly income and expense, the difference goes to Retained Earnings? Will QB also post an auto JE for it?

Yes, I am aware of the app. My question is about how to tie P&L and BS numbers using monthly totals only. When I post Income and Expense, and the difference to Retained Earnings, will Quickbooks make an auto entry for it as well?

I appreciate you for coming back to the thread for adding extra clarification about your concern, Victoria_M. I'll be sharing details on how Retained Earnings work in QuickBooks, then ensure you can manage your data so you can organize your historical information in QuickBooks Online.

Retained Earnings account displays the sum of your company's income and expenses from all previous years. With this, yes, when you enter total monthly or post income and expenses in QBO, the difference goes to Retained Earnings or QBO automatically adds the net income from the previous fiscal year to your Balance Sheet as Retained Earnings once you close your books. 

However, you're unable to choose Retained Earnings from the Balance Sheet to view details. The Retained Earnings account is a rollover of all past fiscal years' net profit (or loss), and QuickBooks Online automatically and electronically transfers funds from your net income or loss into the account without recording any apparent transactions.

I recommend running your previous year's Profit and Loss statement to see what makes up your Retained Earnings. This report displays all transactions that contributed to the net profit or loss that QuickBooks Online automatically switched to your Retained Earnings account. You can open this article to see extra details and how to perform the process: View Retained Earnings account details in QuickBooks Online.

Furthermore, when you're ready to end the year, close your books to prevent unwanted changes before submitting your taxes; this is an important step when reviewing the previous year's financial data, and closing your books guarantees everything stays the way you want it to.

Lastly, you can refer to this article to view instructions on how to run dozens of reports in QBO that will tell you about different aspects of your business: Run reports in QuickBooks Online.

Please let me know if you have any other questions about your retained earnings or any QuickBooks concerns. I’ll be around ready to help and back you up. Keep safe.

@Victoria_M 

When I post Income and Expense, and the difference to Retained Earnings, will Quickbooks make an auto entry for it as well?

Yes.  Any amount showing in net income at the end of your fiscal year will post to retained earnings.  So, for example, if you create a monthly summary JE of income and expenses with a debit entry to retained earnings (to balance if you have net income), that will post a negative amount to RE which will be offset at year-end by the entry QB automatically posts, netting RE to zero.  Then, you can create the correct RE balance based on your balance sheet.

If I start using QBO in mid year and I want to enter historical data via a journal entry by month for January to June, what is my offset to the P&L. currently I created an equity account other than Opening Balance Equity.  I wanted to reserve OBE  for Retained Earnings at end of prior year.  Do I enter my balance sheet beginning balances as of end of prior year or at end of June?  I know that opening balance  that works to get a good retained earnings for prior year.   What as of date should be used for connecting bank/credit card info?  Should I enter monthly journal entries for changes in Balance Sheet with any offset going to that new equity account?  

I consider myself fairly advanced in Accounting and QB Desktop.  I’m just having trouble grasping what my offsets are so that at the end of the day I have retained earnings matching the EOPriorY and current year books being accurate to close at the EOCurrent Year.   I don’t mind paying for a consult for answers and direction.  

Thank you