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shawn2
Level 1

How do i enter previous year transactions in new quickbooks?

 
17 Comments 17
IntuitCarmen
Level 1

How do i enter previous year transactions in new quickbooks?

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! 

    alex5
    Level 1

    How do i enter previous year transactions in new quickbooks?

    What if there were thousands of such transactions? You suggest that we add them manually?
    Chelsea1
    Level 1

    How do i enter previous year transactions in new quickbooks?

    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.
    vgrimes
    Level 1

    How do i enter previous year transactions in new quickbooks?

    when you say statments, you mean bank statements?
    Anonymous
    Not applicable

    How do i enter previous year transactions in new quickbooks?

    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. 

    KhimG
    QuickBooks Team

    How do i enter previous year transactions in new quickbooks?

    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.PNGcustomer 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!

    ltsburien-bk
    Level 3

    How do i enter previous year transactions in new quickbooks?

    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. 

    tinahr
    Level 2

    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.  

    Ryan R
    Level 3

    How do i enter previous year transactions in new 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.

    pgoode
    Level 1

    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!

    rshahandcompany
    Level 1

    How do i enter previous year transactions in new quickbooks?

    You can make up rules and make things easy.

    Good news is that you can even export the rules and import that in QBO file

    Smit1
    Level 1

    How do i enter previous year transactions in new quickbooks?

    Hi,

     

    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,

    Smita

    MarsStephanieL
    QuickBooks Team

    How do i enter previous year transactions in new quickbooks?

    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.

    Smit1
    Level 1

    How do i enter previous year transactions in new quickbooks?

    Thanks Melanie. I am going to check this.

    Smita

    SB8
    Level 2

    How do i enter previous year transactions in new quickbooks?

    Hi Melanie,

     

    I am not sure which Account should I debit while crediting AR. Can you help.

     

    Thanks,

    Smita

    Michael_Brown
    Level 1

    How do i enter previous year transactions in new quickbooks?

    I am in the same boat. I have spent hours struggling with this, called their support (they are clueless). Intuit knows this is a major issue but refuses to address it, most likely so they can get business to this network of so-called experts they created and extract even more money from consumers.  Some company needs to create a better solution for people like us that need to import multiple years easily and effectively and put this tired old company out of its misery.

    starshineproperties
    Level 1

    How do i enter previous year transactions in new quickbooks?

    what about deposits?  i have tenants and showed the January deposit in last year's taxes since it was made prior to January 1st.  It is now showing in my bank statements as I start QB beginning Jan 1, 2021.  Obviously I don't want to take income again.  How do I offset that deposit so the bank statement is correct and I don't incur extra income?

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