Question

Importing Journal Entries

Forum|Forum|6 years ago
January 29, 2020
2 replies
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Hello, I have a new business that started up in November 2019 and I am just now beginning to utilize Quickbooks for my accounting. I wonder if there is a way to import all the expenses that the company has incurred thus far (paid for by my personal accounts as the company has not created any revenue yet), or if each expense needs to be input manually into the journal entry section as a debit with a credit shareholders loan to match. Thanks

QuickBooks Online

AddieC

Hi there,

It's great that you're going to begin using QuickBooks Online to manage your small business finances. I know it can be a large task to set up your books if you have history and transactions you'd like to input. I'll explain your options.

QuickBooks lets you import Bank Data, Customers, Suppliers, Chart of Accounts, Products and Services, Invoices, and Bills. If your expenses are currently in your personal bank account, you can consider connecting this bank to the bank feed to import your transactions that way. Then, once you've imported all the necessary transactions, you can add them from the bank feed page.

Here's more information about the bank feed in QuickBooks Online: Connect bank and credit card accounts to QuickBooks Online. If you need to upload more than 90 days worth of transactions, take a look at this article: Import bank transactions using Excel CSV files. Then, take a look here for steps on how to add and categorize these transactions so they're accounted for in QBO: Download, match, and categorize your bank transactions in QuickBooks Online.

Otherwise, you can input each expense manually by following the steps here: What is the difference between bills, cheques, and expenses? This article will explain the three different expense transaction types and how to enter them.

If you're trying to record a shareholders loan, follow this article for steps: Track personal money or investments to your business.

I recommend consulting with your accountant to see what the best method would be for you. If you're not already connected to an accountant, you can find one in your area here: Find an accountant.

If you have any other questions, please get in touch with our tech support team.

Cheers.