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SlowlyLearningTheRopes
March 10, 2023
Question

New to QB and need to trasnfer 2 years of accounts before starting current year

  • March 10, 2023
  • 1 reply
  • 0 views

Hi All

I'm in the process of setting up our company accounts in QBOL, I have two years of accounts in excel and want to transfer the opening balances from the balance sheet into QB.

 

I'm stuck figuring our how to record net/profit loss (from previous year) and retained earnings from yr 1.

 

So far I have carried across all my balances either via an opening balance when I create an account or in the case of AP/AR I have created bills/invoices so it is easier to pay and reconcile in the future.

 

What journal entries should I use to record retained earnings and net profit and how do I balance these if using journal entry.

 

I have the following equity entries I need help with

Retained Earnings (2020)  5,000
Net Profit/Loss (2021) 34,000

Thanks in advance for any help

1 reply

Fiat Lux - ASIA
Fiat Lux - ASIA
March 10, 2023

You can prepare the trial balance reports for year 1 and 2. You can use a 3rd party tool to import data as Journal Entry later.

https://get.transactionpro.com/qbo

 

As an additional option, use a backup restore app during the process to lower any risks.

https://partnerwithus.rewind.com/quickbooks

 

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