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April 10, 2024
Question

New to Quickbooks and need to add my Income Statement balances prior to moving to quickbooks. Where in quickbooks do I enter those amounts?

  • April 10, 2024
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1 reply

April 10, 2024

Let me lay down the steps for recording income statements in QuickBooks Online (QBO), Kim. 

 

We have options to record your prior income statements in QBO. First, record them by a Sales receipt or a Bank deposit

 

Here's how: 

 

  1. Go to the +New icon. 
  2. Select either a Sales receipt or Bank deposit
  3. Enter the necessary details.
  4. Once done, click Save and close. 

 

The second option for adding transactions is by linking your bank account. However, it's important to note that some banks only provide the last 90 days of transactions, while others can provide up to 24 months. 

 

Here's how: 

 

  1. Go to Transactions, then select Bank transactions.
  2. Select Link Account.
  3. Enter the URL or name of your bank in the Search field, then select the bank.
  4. Enter your Sign info in the Login and Password fields, then select Continue
  5. Select the account you want to connect and the date to pull transactions from the dropdown ▼. 
  6. Select Next.
  7. Select your account type on the Account type ▼ dropdown, then select Next.
  8. You can pick the account type that matches your chart of accounts in QuickBooks. If you don’t see the correct account type, select +Add new.

 

Lastly, we have the option to upload transactions manually.

 

Furthermore, I've added this article for you to check and learn how to use bank rules to automatically categorize transactions from your bank: Set up bank rules to categorize online banking transactions in QuickBooks Online.

 

Additionally, to find out why your Profit and Loss report is missing income and expense transactions in QBO, we can check this article: Find the missing income and expense transactions in your Profit and Loss report.

 

I'll be on the lookout in the comments if you need additional assistance managing your income statements in QBO. Stay safe.