I've got you covered on how to enter historical information in QuickBooks Online (QBO).
We can enter past sales and Accounts Receivable (A/R) transactions, as well as past supplier transactions, first before entering any past cheque or bank transactions. The program updates your bank balance as you enter payments received from customers and payments to suppliers. There are two ways to enter past sales and A/R transactions:
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.
In Batches: If you don't have time to record your charges in order, you can record them 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.
- Enter the remaining charges and credits you haven't informed customers of and then start sending real invoices. This method doesn't leave a record of the invoices you sent.
To enter other previous transactions, you can check out this article for more details: Enter historical information in QuickBooks Online. Then, to enter historical transactions for more than a one-month timeframe, we can enter the transactions one month at a time and reconcile all bank accounts before going to the next month.
Here’s an article you can visit in case you want to connect an account to QuickBooks Online. This will allow your transactions to be automatically downloaded.
As always, I'm just a post away if you have any other concerns or follow-up questions. Stay safe and have a great day ahead.
