How do I import income statement and balance sheet information during a financial year if I have not used quickbooks before (previously excel)?

Havent used quickbooks before and the company has been trading from 1 Oct 2017. The year end is 28 Feb 2018 and I would like to import opening balances for 1 Jan 2018 (I/S & B/S). Oct - Dec 2017 data has been captured in excel and I would like to start in Jan with balances

Answer

The only transactional data that can be imported into QBO is bank transactions, and only 3 fields: date, description and amount - no account allocation.  Once the data is in For Review, you can batch allocate accounts.  You can also import lists: chart of accounts, P/S items, vendors and customers.

You can subscribe to an app to import all kinds of data from Excel. Egs. are Transaction Pro, Zen, CData.

Another option is to enter the starting balances (trial balance) as a journal entry, and not have the previous transactional data.  Once the banks are connected, you get 90 days of bank transactions in For Review (in the USA), so that would take you back to before the beginning of the calendar year 

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Malcolm Ziman , QuickBooks User
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