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Regal CSI
June 21, 2024
Question

Adding transactions to a "new" company that were originally created in the "old" company.

  • June 21, 2024
  • 1 reply
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Hi, I am a GC and have a couple of projects that were started in my "old" business (expenses were paid by the old business during a transition time to the "new" business) and I would like to record these expenses / income in the "new" business. What's the best way to do this? Can I use a journal entry...or....?? What's the best and the most streamlined approach? Thanks in advance for the help!

1 reply

C
CarlSJ
June 21, 2024

I want to share the best way to add transactions from your old to a new company in QuickBooks Online (QBO), @Regal CSI.

 

You can utilize the banking page in QBO to upload transactions or enter them manually into your new QBO company. Ensure the bank account is connected to your new company so the transactions will automatically download and all you need to do is to review and categorize those transactions. Confirm the date of the account's oldest transaction to prevent inputting duplicate entries.

 

Please refer to this article for step-by-step guidance: How to manually upload transactions into QBO.

 

Also, the final option for entering transactions is through journal entries. It allows you to force your books to balance in established methods and transfer money between accounts. It requires a good understanding of accounting, and seeking advice from an accountant is also needed.

 

Moreover, here's an article that will guide you on how to reconcile older transactions added in QBO: Reconcile transactions that are older than your opening balance.

 

Keep us posted for updates or if you require additional assistance in adding transactions to your new company. Have a wonderful day.

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