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Jun 16, 2023 1:19 AM UTC
Question

Transferring New Account P&L information

It is June 2023 and  I am opening a QB online account in the middle of my fiscal year.  I set up my chart of accounts and entered 5/31 balances for my balance sheet accounts.  However, I cannot figure out how to enter 5/31 balances for my P&L accounts.  There does not seem to be any way to do this from the Chart of Accounts.  Can anyone give me some guidance?  Thank you

6 replies

Fiat Lux - ASIA
Jun 16, 2023 3:06 AM UTC

Did you use another accounting program before switch to QB Online?

BB-PHVAuthor
Jun 16, 2023 12:35 PM UTC

Yes but they charge $$$ to transfer account data so I am doing manually.  It is a small company so not that much info to bring over.  However, I am planning to just bring over the balances..

Fiat Lux - ASIA
Jun 16, 2023 12:45 PM UTC

You can use the values in the Trial Balance report from your old program and use it as the beginning balance in QBO. 

Jun 16, 2023 3:20 AM UTC

Hi there, @BB-PHV. 

 

You can create a journal entry to enter the 5/31 balance. But before doing so, I recommend consulting an accountant for expert advice about your situation. They'll be able to guide you on which account to use to debit and credit, as well as how to ensure books are error-free.

 

To create a journal entry, here's how:

 

  1. In the left menu, click on + New.
  2. Choose Journal entry.
  3. On the first line, select an account from the Account field. Enter the amount in the correct column if you need to debit or credit the account.
  4. On the following line, select the other account you're moving money to or from. If you entered a debit or credit on the first line, enter the same amount in the opposite column.
  5. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
  6. Select a class for each line item.
  7. Enter information in the memo section, so you know why you made the journal entry.
  8. Select Save and new or Save and close.

 

You can check out this article for additional information about this process: Create a Journal Entry in QuickBooks Online.

 

For future reference, here's a great resource about the best practices when reconciling: Learn the reconcile workflow in QuickBooks.

 

Please let me know if there's anything else I can do for you. I'll be standing by for your response. Have a great day.

BB-PHVAuthor
Jun 16, 2023 12:44 PM UTC

Thank you Miriam, I will try this.