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

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