How to enter previous year transactions in quickbooks?

There are few transactions that I would like to include in current year, can’t take chances to enter them incorrectly and mess my books. Could someone help on this at the earliest MARRY CHRISTMAS & A Very Happy new Year 2019 – Martin

1 Answer(s)

Hello Martin,

QuickBooks tracks your vendor, customer, bank and credit card transactions in one streamlined interface. Enter bills, sales, invoices, and accounts receivable transactions first. Then, enter vendor and accounts payable transactions. Enter payments and enter your bank account transactions last. Otherwise, your bank accounts won’t reflect the correct balances since Accounts Receivable and Accounts Payable affect your account balances. Once you input your customer and vendor transactions, you only need to input the missing bank transactions to finalize your books. Reconcile your transactions by year instead of month to save time.

You can use the web connect feature in QBO to easily download your online banking transactions.

First, you need to sign in to your bank’s website and follow your bank’s online process for downloading your transactions to your computer.

Then you can now upload the file to your account.

Here’s how:

  • From the left menu, select Banking then Banking.
  • Choose File upload from the drop-down menu on the upper right. If you’ve never connected an account, select Upload transactions manually at the bottom of the screen.
  • Select Browse and choose the file you saved in Step 1, then click Next.
  • From the QuickBooks account drop-down, select the account you want to upload the bank data to, then click Next. If you don’t have an account set up yet, select Add New, then add an account. If you’re uploading a CSV file, you’re prompted to select columns from the CSV file that match QuickBooks Online banking fields. Select Next when you’re done.
  • Select Let’s go! or Finish.

You can also create a journal entry to record all the income and expense transactions from the previous year. I suggest asking help from your accountant on how to properly account the entries without affecting the current year.

Here’s how:

  1. Select the Plus icon (+) at the top, then Journal Entry.
  2. In the Journal date field, enter the transaction date.
  3. (Optional) Enter a Journal no. to help you identify the transaction in the reports.
  4. Enter the first distribution line.
    • Accounts: Any account in the Chart of Accounts.
    • Debits or Credits: Often the first line is Debits. After you save the transaction, find it in the Recent transactions report to see if Debit had the desired effect.
    • Description (Optional): The description you enter appears on reports showing transaction details.
    • Name: Choose a customer, vendor/supplier, or employee associated with the line, if any.
  1. Continue to enter distribution lines until the sum of the Debit column entries equals the sum of the Credit column entries.
  2. (Optional) Select Make recurring to set a recurring journal entry schedule.
  3. Save the transaction.

If you’re seeking immediate assistance, you can dial the QuickBooks Desktop customer support number 1-877-263-2742.

Answered on February 15, 2019.

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