Trial Balance reports from a 3rd party software can be imported into QuickBooks Online by performing the following steps:

Import your Trial Balance in QuickBooks Online

  1. Select the Gear icon and then choose Import Data from the Tools menu.
  2. Select Trial Balances.
  3. Choose 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 Number as type.
  5. Assign an appropriate Type and Detail type.
    Important: AVOID the following detail types:
    • Retained Earnings
    • Accounts Receivable
    • Accounts Payable
    • Undeposited Funds.
  6. If you have balances for any of these - 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 top priority of these steps is to import your Trial Balance with the correct debit and credit balances for each account, as opposed to choosing the right account types/details.

Allocate Accounts Payable and Accounts Receivable balances

After importing the Trial Balance, you can allocate the Accounts Payable (Creditors) and Accounts Receivable (Debtors) balances to your suppliers and customers by following these steps:

  1. Select the Plus (+)  icon and then choose 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 that 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. Choose Save and Close.

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

  1. Select the Plus (+) icon and then choose 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 that 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. Choose Save and Close.

Transfer Retained Earnings balance

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

  1. Select the Plus (+) icon  and then choose  Journal Entry.
  2. If it's a profit:
    1. From the Account drop-down list, select Retained EarningsTB and then 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 then enter the balance of the Retained Earnings in the Credits column.

    If it's a loss:

    1. From the Account drop-down list, select Retained Earnings and then 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 then enter the balance of the Retained EarningsTB in the Credits column.
  3. Select Save and Close.

Transfer Undeposited Funds balance

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

  1. Select the Plus  (+) icon and then choose 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. Select Save and Close.