How to Import Accounts with Open Balance into QuickBooks Online?

by James Antonio

In QuickBooks, whenever a new account is set up, the first step is to choose a day to begin transaction tracking and entering balance. This initial point is termed as the opening balance, which comprises all transactions and the complete account history. The QuickBooks online provides impressive options for the ease of accounting operations, including import function, export or deletion feature to save time. Here in this article, we will discuss importing accounts with open Balance into QuickBooks Online and its insights.

Why do you need Importing Beginning Balances into QuickBooks?

Manual entering of the beginning balances is very time-consuming and risky. Humans may create type error since it includes figures, so for the accuracy and time-saving measures, the import feature is preferred. QuickBooks have a chart of accounts to manage all the accounting terms. Hence, whenever you need the details regarding opening balance into QuickBooks, importing a Spreadsheet containing beginning balance accounts is a great savior!

How to import Accounts with Open Balance into QuickBooks Online?

The Opening Balance Equity account stores the opening balances associated with all accounts. The Opening Balance Equity account is a type of accounts found in the Chart of Accounts section of QuickBooks Online. Whenever you set up a new account in QuickBooks in the Chart of Accounts, you need to add a subcategory in it with the Opening Balance Equity account. Here are the steps to import accounts with opening balance into QuickBooks Online:

Step 1: Prepare a Spreadsheet Format

You can import a file with beginning balance using a spreadsheet in Excel or a CSV file. Follow the instructions for a correct spreadsheet format so that you can smoothly import into QuickBooks:

  • Open the spreadsheets of account containing a beginning balance
  • Verify it contains the below columns in the Spreadsheet:
    • Type
    • Account Name
    • Detail Type
  • Give the correct account number or column name, and subaccount
  • Check the format and appearance. After this, save the file with CSV or Excel format, which is compatible with QuickBooks

Step 2: Spreadsheet Uploading

  • First of all, Open the QuickBooks Online
  • Click on the Settings button
  • Choose Import Data
  • Hit Chart of accounts
  • Click on browse to upload an account with the beginning balance, and then click on the file.
  • Choose Open
  • Click on Connect button to sign in to the Google Account
  • Select the right file and then hit the Select option
  • Click Next button

Step 3: Perform Mapping of the QuickBooks fields and Spreadsheet fields

Here are the steps:

Once you are done with mapping of Spreadsheet, now start mapping the accounts to perform import smoothly. Here are the instructions:

  • Click on the Your Field Column
  • Choose the small arrow icon and then start matching the below names of the spreadsheet fields to the QuickBooks online field:
    • Type
    • Account Name
    • Detail Type
    • Account number
  • If you discover the mismatch between the fields, then click on the No Match option.
  • Choose next button

Step 4: Proceed with Importing Account with Opening Balance into QuickBooks

  • Verify all the fields and verify adding types and detail types
  • In case you view any field outline in red color; it shows an error that you need to resolve
  • Unselect the account you don’t need to save
  • Once everything is sorted, then clicks on the Import button

Step 5: Verify, Set the opening Balances for Accounts in QuickBooks

Once you have imported the accounts into QuickBooks, you now require verifying and entering the opening balance for the appropriate Bank or another account. Follow the steps to do this:

  • Click Settings
  • Hit on Chart of Accounts
  • Discover the Bank account
  • Click on the Action column and choose the small arrow icon
  • Hit Edit button
  • Choose the small arrow icon and select the date you need to begin tracking the finance associated with the account.
  • Fill the account balance for the selected date in the Account Balance field
  • Click Save and Close button

That’s all about How to Import Accounts with Open Balance into QuickBooks Online! Be frequent users of this platform to get updated with the new tricks for the import, export, and delete process.


In which Account do you need to Locate to Import Open Balance in QuickBooks Online?

You need to create an account of type Equity and subtype OpeningBalanceEquity.

What are the mandatory Fields in Opening a Balance Account in Spreadsheet?

● Name
● AcctNum
● AccountType
● AccountSubType
● ParentRef
● Description
● As of
● AccountAlias
● TransactionLocationtype
● Balance
● currencyRef
● TaxCodeRef

How to prevent Common Issues found when Importing Accounts with open Balances into QuickBooks Online?

Use the right Account number, date format, currency code, and account type to prevent validation error, format error, enumeration, and invalid currency type error while importing.

What do you mean by Account subtype and Account Type in QuickBooks online with Respect to open Balance Import?

● Account Type stands for Bank or credit card
● Account subtype referred to CashOnHold

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Pricing

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Accountant Basic

*See our Pricing for up to 10 Company Files.

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Accountant Pro

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Pricing includes coverage for users
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Accountant Premium

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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