Hi! I need to enter in TEN years worth of Bank Statments
I have already linked my bank and credit card accounts and uploaded the last 90 days worth of data…. Now my boss wants me to manually enter in the last 6-10 years of statements! AH! I understand how to enter in the information from the paper statements, but I need help in changing the beginning balance… I could be wrong, but I’m assuming since the accounts are already linked I am unable to change the starting balance.
Another way to ask my questions… What is the best way for me to enter in 6-10 years of transactions solely from bank statements into QBO when my bank account is already linked.
When entering bank and credit card transactions, you always want to start with the earliest (oldest) date and work your way to the current month/year. In my professional opinion, if the business has already filed their tax returns for prior years, there is really no reason to enter bank and credit card transactions into QuickBooks. I recommend that you go back no more than 1 year or just start with January, 2019. At any rate, if you do decide to go back 10 years you should delete the transactions you entered for the last 90 days and then delete the accounts from QuickBooks to start completely over.
Once you have deleted everything, follow these steps:
Create the bank account and enter the balance from the oldest bank statement you want to reconcile first (10 years ago or whatever date you decided to go back to)
Instead of downloading the last 90 days, import your transactions from an Excel or CSV file.
Reconcile one month at a time, in date order. (e.g. Jan 2009, Feb 2009, Mar 2009 etc;).
Step by step instructions on how to import from a CSV file are included in this QuickBooks video tutorial: https://fitsmallbusiness.com/import-transactions-into-quickbooks/.
Instructions on how to reconcile bank accounts can be found in this QuickBooks video tutorial:https://fitsmallbusiness.com/bank-reconciliation-quickbooks-online/
Best of luck,
Crystalynn Shelton, CPA