Hi Shawn!
Great question!
Enter past sales and
A/R, as well as past vendor and A/P transactions, before entering any past
checking or bank transactions. QuickBooks Online updates your bank
balance as you enter payments received from customers and payments to vendors.
Customer Transactions
(A/R)
There are two ways to
enter sales and A/R transactions. Both methods ensure accurate reporting.
-
Chronologically:
Enter transactions (charges, invoices, credits, payments) in the
same order they were created or received. This method creates a
record of all the invoices you sent.
-
In Batches:
Enter all charges and credits that customers already know about,
followed by payments received. Print a single invoice for each
customer to clear their invoice record of the past activity. Then
enter remaining charges and credits you haven't informed customers of, and
start sending real invoices. This method doesn't leave a record of
invoices you sent.
Vendor Transactions
(A/P)
As you enter your A/P
transactions, enter the dates of the original transactions. Enter your
historical bill transactions in the following order:
-
Bills:
Go to the Vendor Center then click Create Bill and enter
each bill received between your start date and today. Be sure to assign
amounts to the correct expense accounts.
-
Credits from vendors: Got
to the + Symbol then Vendor Credit to
enter credits received between your start date and today.
-
Payments:
Go back to the Vendor Center then Make
Payment, record each bill payment made between your start date and
today.
4.
- Be sure the Payment Date field shows
the payment date.
Entering Banking
Transactions
- If you're entering historical transactions for more
than a one-month time frame, enter the transactions one month at a time
and reconcile all bank accounts before going to the next month.
-
If you're using online banking to download some of
these transactions, you need to be aware that we can't provide
more than 90 days of downloads from online banking. Anything before
the 90 day period will need to be manually entered.
However, you might be able to get information older than 90 days by using
Web-Connect. Please see our KnowledgeBase article KB 2627, How
do I use Web-Connect?: https://community.intuit.com/articles/1145233.
- If you've used online banking to download up to 90
days of history into an account, the Opening Balance is
the first entry on the bank register and by default it's marked Reconciled.
If you're going to enter historical transactions either by manual entry or
by using WebConnect so your bank register entries go back farther than 90
days you'll need to delete the Opening Balance Entry created
by QuickBooks Online Banking Admin and enter the opening balance for the
date you're starting your historical transactions using the method
described above and then move forward with your data entry.
I hope this helps!
