To import your Trial Balance in QuickBooks:

  1. Click the Gear icon > Import Data.
  2. Click Trial Balances.
  3. Click Download a sample file located in the "Checklist before import" box.
  4. Use the sample file as your template. Copy account names from your original Trial Balance into the Account Name column in the sample file. Do the same for the Credit and Debit columns. Make sure you format the Credit and Debit column cells with type Number.
  5. Assign an appropriate Type and Detail type.

    Important: AVOID the following detail types: Retained Earnings, Accounts Receivable, Accounts Payable, and Undeposited Funds.

  6. If you have balances for any of Retained Earnings, Accounts Receivable, Accounts Payable, and Undeposited Funds in your current Trial Balance, rename them with the following information when you import:
    name type detail type
    Retained EarningsTB Current assets Other Current Assets
    Accounts PayableTB Current Liabilities Other Current Liabilities
    Accounts ReceivableTB Current Assets Other Current Assets
    Undeposited FundsTB Current Assets Other Current Assets
  7. Perform the import.

Note: The priority with these steps is to import your Trial Balance with the correct debit and credit balances for each account. Do not be picky about account types/details.

Allocate Accounts Payable and Accounts Receivable balances

After you have imported the Trial Balance, you can allocate the Accounts Payable (Creditors)and Accounts Receivable (Debtors) balances to your suppliers and customers. To do this:

  1. Click Create (+) > Journal Entry.
  2. From the Account drop-down list, select Accounts Payable (Creditors).
  3. Enter the balance of a supplier in the Credits column.
  4. From the Name drop-down list, select the name of the supplier.
  5. Repeat steps 2 to 4 for each supplier with a balance to allocate, so each supplier is on a separate row.
  6. From the Account drop-down list on a new row, select Accounts PayableTB.
  7. Enter the total of all supplier amounts in the Credits column and put it in the Debits column of the Accounts PayableTB row.
  8. Click Save and close.

Repeat this procedure to allocate customer balances from the Accounts ReceivableTB account:

  1. Click Create (+) > Journal Entry.
  2. From the Account drop-down list, select Accounts Receivable (Debtors).
  3. Enter the balance of a customer in the Debits column.
  4. From the Name drop-down list, select the name of the customer.
  5. Repeat steps 2 to 4 for each customer with a balance to allocate, so each customer is on a separate row.
  6. From the Account drop-down list on a new row, select Accounts ReceivableTB.
  7. Enter the total of all customer amounts in the Debits column and put it in the Credits column of the Accounts ReceivableTB row.
  8. Click Save and close.

Transfer Retained Earnings balance

To transfer the trial balance amount to your Retained Earnings account, create a new journal entry:

  1. Click Create (+) > Journal Entry.

  2. If this is a profit:
    1. From the Account drop-down list, select Retained EarningsTB and enter the balance of the Retained EarningsTB in the Debits column.
    2. From the Account drop-down list on a new row, select Retained Earnings and enter the balance of the Retained Earnings in the Credits column.

    If this is a loss:

    1. From the Account drop-down list, select Retained Earnings and enter the balance of the Retained Earnings in the Debits column.
    2. From the Account drop-down list on a new row, select Retained EarningsTB and enter the balance of the Retained EarningsTB in the Credits column.
  3. Click Save and close.

Transfer Undeposited Funds balance

To transfer the trial balance amount to your Undeposited Funds account, create a new journal entry:

  1. Click Create (+) > Journal Entry.
  2. From the Account drop-down list, select Undeposited Funds.
  3. Enter the balance of Undeposited FundsTB in the Debits column.
  4. From the Account drop-down list on a new row, select Undeposited FundsTB.
  5. Enter the balance of the Undeposited FundsTB in the Credits column.
  6. Click Save and close.