Question

From paper to Quickbooks

Forum|Forum|6 years ago
June 11, 2020
2 replies
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Hi all,

I have had a company for a few years but I only started using Quickbooks in 2019. Before that it was pretty much only Excel. I am being told that the reports I have on Quickbooks are not useful for tax purposes because I have to enter all the information from previous years into Quickbooks. Is that true? I do not mind enter consolidates but do I have to add every single transaction? Are there some guidelines on how to do this?

Thanks!

QuickBooks Online

PatriciaT

Hi there,

Thanks for reaching out. Having a clear understanding of how to handle your books is important. I'll be happy to assist you with this.

QuickBooks Online offers the ability to move your data from a different software such as Excel. This is done through the import feature, which really saves a lot of time as you don't have to enter every single transaction manually. Here's a list of what you can migrate in QuickBooks Online:

Chart of Accounts
Invoices
Bills
Bank Data
Customers' list
Suppliers' list
Products and Services

For necessary steps on how to import each of these, here're useful articles:

To be sure you'd need to migrate older transactions for tax purposes, I recommend talking to your accountant. If you don't have an accountant, you can find one on our Find-a-ProAdvisor website

I hope this helps! Feel free to reach out any time.