Hi Crystalynn! I watch so many of your videos so thank you for those!
I am just starting up with a new client as their QBOA. I perused their system before starting… they have their credit card in their COA as a current liability instead of as a credit card account. They have been entering all of their transactions as journal entries. I would like to convert all of that into a credit card account and get them connected to their credit card company for their future downloads
Can I just edit/change the account type from a CL to a credit card account? And will all the transactions carry into that account? Also when I do the first connection with their credit card online should I only request the last month’s downloads so there is not a lot of duplicate entries. Also if the transactions have been entered manually first would I just match the items to the download or will they be duplicate entries?
Hi Carolyn, congratulations on your new client! I’m so glad you are enjoying the free QuickBooks tutorials.
In most cases, once you start entering transactions for an account you won’t be able to change the account type. However, in this situation you may be able to because technically a credit card is also a liability account. I would try to change the account type to see if that works. If QuickBooks doesn’t like it, you will receive a message that you cannot change the account type. If it allows you to change the account type then all existing transactions should remain intact. However, if it does not allow you to change the account type, you will need to create a new account using the account type credit card. Once you create the new account, go into all of the existing transactions and change the account to the new one that you have set up. Once all existing transactions have been moved, delete the old account.
To answer your second question, before you connect any bank or credit card account to QuickBooks you need to know what the date range is that you need. If you have manually entered transactions into QuickBooks, find out what the date range is for those existing transactions. By default, most financial institutions will allow you to download the last 90 days. If you need to go back further than that, you will need to request a csv file from the bank. You can import transactions from a csv file into QuickBooks Online (see our video tutorial below on how to do this.)