Entering Historical Transactions
Once you’ve added all your accounts, vendors, customers and items, you should enter all your historical transactions. These are transactions that occurred between the start of your fiscal year and your QuickBooks start date. Include both cleared and uncleared transactions during that time.
It’s extremely important to enter accurate and complete historical data, since QuickBooks uses this information in the reconciliation process.
You should enter historical transactions in the order in which they occurred, beginning with accounts payable transactions and ending with bank transactions. For each transaction, you’ll need to complete the workflow process; for example, for a customer payment, you should create an invoice (or a sales receipt), receive the payment and then make the deposit. Finally, you should reconcile your bank account.
The remainder of this tutorial describes the processes you’ll need to follow for both accounts payable and accounts receivable.
In this section, you learned how to:
- Backup your Quickbooks data
- Set up users and passwords
- Manage your accounts
- Set up classes
- Manage your customer information
- Manage your vendor information
- Manage your items
- Enter historical transactions