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Kass1111
February 12, 2021
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How to move QBO transactions done in old company to new one?

  • February 12, 2021
  • 2 replies
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I have an owner that closed one company (12/31/20) and opened a new company (1/1/21). The problem is the owner continued to operate, send and receive invoices/money, in the old company QBO and bank account but should have been using the new one.

How do I show/move the month and half of activity (approximately 60 transactions) to the new company QBO?

Best answer by ShiellaGraceA

I'll share some options on how to move your bank transactions, @Kass1111.

 

You can either enter the your transactions manually, or upload via a CSV file. In QBO, you can only export and import lists from one company to another. To upload via a CSV file, please check out this guide: Manually upload transactions into QuickBooks Online.

 

Additionally, you can look for third-party applications that import transactions to QBO. Here's the link: https://quickbooks.intuit.com/app/apps/home/.

 

I'm attaching these articles below to guide you along the way:

 

 

Please let me know if you still have questions or concerns with your account. I'm always here to help. Take care and have a great rest of the week.

2 replies

S
ShiellaGraceAAnswer
February 13, 2021

I'll share some options on how to move your bank transactions, @Kass1111.

 

You can either enter the your transactions manually, or upload via a CSV file. In QBO, you can only export and import lists from one company to another. To upload via a CSV file, please check out this guide: Manually upload transactions into QuickBooks Online.

 

Additionally, you can look for third-party applications that import transactions to QBO. Here's the link: https://quickbooks.intuit.com/app/apps/home/.

 

I'm attaching these articles below to guide you along the way:

 

 

Please let me know if you still have questions or concerns with your account. I'm always here to help. Take care and have a great rest of the week.

K
Kass1111Author
February 15, 2021

Thanks ShiellaGraceA.  What would I tie the imported transactions too since they are not under the new company bank account?

Would I create another bank account in the new company COA or create a new account as a "loan to new company" from old....

JoesemM
JoesemM
February 15, 2021

Thanks for getting back to us, @Kass1111.

 

Both of your suggestions are correct, you can create a new bank in the Chart of Accounts or set up a loan from an old to a new company. However, it's still up to you on how to handle the transactions.

 

To set up a new account: 

 

  1. Go to the Gear icon⚙ and select Chart of Accounts.
  2. Select New.
  3. Follow the steps to create a new account. Give the account a name, an account type, and a detail type.
  4. Select Save and Close.

 

To record a loan and its payments, you'll have to set up a liability account. This account then tracks what you owe. To set this up, you can follow the steps below: 

 

  1. Select Gear⚙ and then Chart of Accounts.
  2. Select New to create a new account.
  3. From the Account Type ▼ dropdown, select Long Term Liabilities. Note: If you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities instead.
  4. From the Detail Type ▼ dropdown, select Notes Payable and enter the name.
  5. In the When do you want to start tracking your finances ▼ dropdown, choose when you want to start tracking the transactions:
  6. Enter the full loan amount as a negative amount. This sets up the liability account with the full loan amount.
  7. Click Save and close.

 

Once done, you can now import the transactions, just check out the articles shared by ShiellaGraceA for more details.

 

I’m also adding a link to help you efficiently organize your transactions. These resources outline the complete steps on how to inactivate the online banking feature and instructions to classify downloaded entries.

 

 

Please let me know if I can be of further assistance. I’ll jump right back in to help and make sure you’re taken care of. Enjoy the rest of the day.

 

Fiat Lux - ASIA
Fiat Lux - ASIA
February 13, 2021

@Kass1111 

Utilize a migration tool

https:// transactionpro.grsm.io/qbo

 

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