If you are using the QuickBooks application, sometimes you are required to add data from some external sources. QuickBooks allows you to add the data from excel. Adding data from QuickBooks is not at all difficult. This article explains how to import transactions into QuickBooks Desktop from excel and Import transactions into QuickBooks Online from Excel.
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What all Transactions Can You Import on QuickBooks?
Importing transactions in QuickBooks helps you to save time as you are not required to start from scratch. You can import many things as listed below.
- Bank Transactions
- Accountants Changes
- To do
- Vendor Types
- Sales Types
- Payments Terms etc.
There are many transactions which you can import such as:
- Account Beginning Balances
- Cash Sales
- Vendor Bills
- Payments from customers
- Vendor bill refunds
- Purchase order etc.
Points to Remember Before your Import Transactions into QuickBooks from Excel
You need to keep the following points in mind while you Import Transactions into QuickBooks from Excel:
- Back up the QuickBooks company file without overwriting any prior backups before importing any data.
- You must disable Multiple Inventory Sites before importing item quantities or values if you have Advanced Inventory and Multiple Inventory Sites enabled.
- You may create a Quantity On Hand (QOH) and a Value on Hand (VOH) for new inventory items, as well as an average cost.
- Adjust Quantity/Value on Hand is entered in QuickBooks, debiting the item’s asset account and crediting Opening Balance Equity.
- Subtotal, Payment, and Sales tax items cannot be imported using the Advanced Import feature, however, they may be imported using an IIF file.
What are the Different Ways to Import Transactions into QuickBooks from an Excel Spreadsheet?
If you have files in different formats, you have to change them into excel and then import it into your QuickBooks account. Here are the different ways in which you can import your transactions into QuickBooks:
How to Import Transactions to QuickBooks Desktop from Excel
Below are the standard steps mentioned to Import the transactions from Excel:
- First of all select the account for which you need to upload the transactions.
- Select the Next button to proceed further.
- A bank account can be added if it is not available or does not exist.
- A New Bank account can be added using Add new button which is available just above the drop-down list.
- Perform the column mapping in the CSV file to QuickBooks.
- Make sure to map the correct file, failing this can lead to importing the data incorrectly.
- You can indicate the CSV file first row as a header row using a button available there.
- Now choose that credits and debits are in one column or two-column.
- If credits and debits are in a different column then you are required to map the column accordingly.
- After completion of Mapping click Next to continue.
- Now you will see a window that helps you to see a preview of transactions that are going to import.
- Make sure that data showing should be correct by data comparison in this window.
- Now click Next.
- You will see a message showing how many transactions will be imported.
- If you are already ready to import the report then click the yes button to continue.
- Click No if you are not ready to submit the transactions.
- If you will click No then you have to follow the import process from start again.
- Once the Import process is done you will ask to accept the transactions.
- Now click Let’s Go.
- Finally, you will be sent to the Bank screen to start matching the transactions.
How to Import CSV Files using QuickBooks Import Excel and CSV Toolkit
To import the list in CSV format install the QuickBooks Import Excel and CSV toolkit. This tool kit contains.
- Allowed Fields: This is a reference field which contains fields for Excel and CSV Import.
- XLS Example Folder: Contains excel sample file having 4 worksheets each for every type of list.
- CSV Example Folder: 4 sample file lists each for one.
- Import from Excel and CSV Manual: Contains a PDF document with practice, notes, and instructions.
Steps to Install the QuickBooks Import Excel and CSV Toolkit
- First for the toolkit open the file download windows and save it.
- Now go to your Windows Desktop and save.
- Once you save it, locate QuickBooks_Import_Excel_and_CSV.exe on Windows desktop after it opens the WinZip self-extractor window.
- Click Browse and choose the folder in which you want to install the toolkit, then select OK.
- To see and extract the contents choose to unzip and then close the WinZip self-extractor window open.
- Finally, open the QuickBooks Import Excel and CSV folder which has been selected in the above steps.
How to Import Transactions into QuickBooks Online from Excel Through .QBO Format
Importing transactions into QuickBooks using.QBO format can be done by using the below steps.
- First of all sign in to your bank account.
- Download the transactions in .QBO format.
- Now, go to the File menu in QuickBooks Desktop.
- Choose Utilities and go to Import.
- Select Web connect files.
- Click on the .QBO file and then click the Open button.
- Choose your bank account and continue.
- You will see a message coming to your screen saying that data is successfully read into QuickBooks.
- Finally, click ok and go to the Bank feed center.
Importing transactions into QuickBooks is one of the best features. Using this feature you don’t require starting from scratch and anyone can easily import the transactions. This article helps you to understand how to import transactions into QuickBooks from Excel. Hopefully, the above-mentioned steps will help you to easily import your transactions in QuickBooks.
However, you are still stuck or have any queries; you can get in touch with the QuickBooks customer helpdesk. All the professionals are highly educated, trained, and certified to provide the best solutions for QuickBooks.
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Before Importing Your Transactions into QuickBooks from Excel, it is Important to Create a Backup of Your Data?
Yes, it’s important to create a backup of your data before importing your Transactions into QuickBooks from Excel. To make a backup manually, follow these steps:
In your QuickBooks accounting software.
Navigate to the File menu.
If you are not in single-user mode, click Switch to Single-User Mode.
Click the File menu once more.
Now select the option to backup the company file now.
You must select the option, make a local backup
Then, once the window appears on your screen, click the Next button on it.
Once done you must choose a location to save the backup.
Set the number of backups you wish to make as well.
When you have finished selecting your files, click the OK button.
Then go to the Save it now option.
Now click the Next button.
Finally, you have completed your manual backup.
While You Import Transactions into QuickBooks from Excel, What all File Format does QuickBooks Support?
QuickBooks can only read transactions from CSV, QFX, QBO, OFX, or TXT files, among other supported formats. These files are normally downloaded from your bank.
How to Perform the Column Mapping while you Import Transactions into QuickBooks from Excel?
When you map your accounts, QuickBooks understand how to import data from your Excel sheet. Since the column headers in QuickBooks and Excel may differ, you will need to match them.
Enter a name for the mapping.
Account should be selected as the Import type.
Match the column titles in your Excel document to the information in QuickBooks.
Select the Save option.