Why should I enter historical transactions?
If the start date you entered for your company is before today's date,
you'll need to enter your past (historical) transactions, beginning with
that date. This ensures that your QuickBooks records will be completely
up-to-date, going forward from your start date.
If you are using an earlier start date, and you don't enter your
historical transactions, your account balances and reports may be
Follow these guidelines when entering historical
Enter historical transactions in sequential order. For example, QuickBooks
won't know how to credit a customer payment unless you've previously
recorded the invoice. Enter bank account transactions last, because your
accounts payable and accounts receivable affect your bank account balances. By
the time you finish entering all of your historical transactions, your check
register should be nearly up to date.
If you don't have time to enter all your historical transactions right
away, don't worry. You don't have to enter all your past transactions
before you start using QuickBooks for your current transactions. Start entering
current transactions as they occur, so you don't get behind. Then catch up
with historical transactions when you can. If current and historical
transactions are related, enter the earlier one first. For example,
if you receive a payment today for an invoice you have not yet entered, enter
the invoice first and then use QuickBooks to record the payment. That way,
QuickBooks correctly links your transactions to each other.
Remember, though, that your account balances will be incorrect (and your
reports may be wrong) until you've entered all the past transactions.
To do this task
Enter your transactions in the following order:
Sales and accounts receivable
transactions. (invoices, statement charges, sales receipts, returns,
payments, deposits, sales tax payments)
Vendor and accounts payable
transactions. (bills, credits from vendors, payments)
payroll amounts for this year to date.
Enter historical bank and credit card
transactions. (checks, deposits, fees, transfers)
Reconcile your bank account.
(after entering historical transactions)
Changing your start date
Entering optional mid-year