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Manage Suppliers and Expenses for

Manage Suppliers and Expenses for

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2279 Topics
albertoyana11
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Taintor
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info2339
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barbara84
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greenlane15
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laura197
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mbuils
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Marinelis-Reyes
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Candice-Poley
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Syed--Ahmad
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Setting up QBO from another system with a finalized TB—how can historical P&L be entered so profit and balances match, without posting to equity or clearing accounts?

The company previously used another accounting system and has finalized financial statements and a trial balance. I’m setting up QuickBooks Online for the first time and want QBO to show the same profit and balance sheet totals. For example, the trial balance shows $100,000 of rent income for the year, but when I try to enter that rent in QBO, it requires an offset (equity, clearing, or another balance sheet account). I’m trying to understand if there is a way in QBO to enter historical income and expenses so profit matches the finalized trial balance without using equity or clearing accounts, or if this is simply how QBO conversions work.

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Elizabeth-Kearns
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Braillic--Limited
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thomas71
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Crisanta de los Santos
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