Journaling day-to-day business transactions are one of the most important parts and in a way the foundation of solid accounting. If you are using QuickBooks online as your accounting software, then you can easily create journal entries in Excel or CSV format and import it into QuickBooks Online. Make sure that you turn off the account numbers before your start the import process to facilitate the smooth import. Once the import process is complete, you can turn back the accounts.
Process for Importing Journal Entries in QuickBooks Online
There are two main steps i.e.; preparation of journal spreadsheet and import of the journal entries in QuickBooks. You can get the details and follow them as below:
Preparation of Journal Spreadsheet
Your journal file should include the following information: Journal number, date, journal code, account name, debits, and credits. In the case of new accounts, you will need to add those accounts in the Chart of accounts before the import process.
Process for Import Journal Entries into QuickBooks Online
Step 1. Click settings > choose import data > select Journal entries.
Step 2. Click on Browse on the Download page and click on download a sample file.
Step 3. Now find your journal spreadsheet or CSV file and click on open and Next.
Step 4. Now, Map the information, fields should match between journal entries spreadsheet and QuickBooks Online.
Step 5. After that, click on next, import, and then Done.
We have also collated some frequently asked questions from the users to help you out in further related queries if you come across any.
How can I Duplicate a Journal in QuickBooks Online and make it Recurring?
At first your need to pull up the already posted or created journal entry and click on ‘make recurring’. After that, enter the name of the template, change the type to unscheduled, and save it.
How can I copy and Paste from a Chart of Accounts in QuickBooks Online?
First, click on File menu > utilities> click on export > click on lists to IIF files> choose the list you wish to export i.e.; chart of accounts, and click on OK. Now browse and choose the location to save the file.
What should one be Aware of before importing Excel Ledger in QuickBooks?
You should know that those individual transactions are not imported when you import the general ledger from Excel file in QuickBooks. For importing general ledger from excel file, click on gear icon > open the company menu and click on import data.
How can I Create Recurring Journal Entries Template in QuickBooks Online?
At first click on settings > click recurring transactions from the list and select new. Now select the type of transactions that you want to create and click OK. You need to enter the template name and choose type as scheduled, unscheduled, or reminder, etc.