How do I enter transactions in a new company, that were paid by the owner that started last April 2020?

Hello userburnicemandevill,

I hope you are having an awesome weekend so far! To answer your question you will want to ask yourself the following questions first:

1. Are you using Cash or Accrual Accounting?
2. If your using Accrual are you still in your current fiscal year?
3. Have any GST or Provincial tax filings been filed & paid for April 2020?

Knowing the answers to the questions above will help determine how to move forward when entering prior historical data in our QuickBooks Online. We also want to know the following:

1. Did the owner pay for these transactions personally or through the business?

If tax filings have been filed and paid for this period and your on accrual, adjustments will be needed moving forward. We have many amazing Pro Advisors to help with this to ensure accuracy moving forward. If the owner paid for these transactions personally and not through the business we can add them as a vendor then issue them a check for these transactions that were meant for the business. If the owner paid through the business for these transactions, we can use a transaction of our choice under the +NEW Supplier/Vendor that best suits the type of transaction.

We can also import past bank transactions through our banking tab to help us with prior historical bank transactions by doing a manual file upload. This will work well if the transactions were paid through the business.

Below are some articles to assist you with your question. I hope it helps!

Differentiate Cash and Accrual basis
https://quickbooks.intuit.com/learn-support/en-ca/accounting/differentiate-cash-and-accrual-basis/00/261411

Add a supplier
https://quickbooks.intuit.com/learn-support/en-ca/expenses-suppliers/suppliers-overview/00/261948

What is the difference between bills, cheques, and expenses?
https://quickbooks.intuit.com/learn-support/en-ca/expenses-suppliers/what-is-the-difference-between-bills-cheques-and-expenses/00/262447

Manually upload transactions into QuickBooks Online
https://quickbooks.intuit.com/learn-support/en-ca/import-transactions/manually-upload-transactions-into-quickbooks-online/00/262542

Categorize and match online bank transactions in QuickBooks Online
https://quickbooks.intuit.com/learn-support/en-ca/banking-currency/match-and-categorize-bank-transactions-in-quickbooks-online/00/262536

I hope you have an awesome rest of the evening!

Kindest Regards,
Lourdes Fernandez