Recording details of historical data in QuickBooks Online

As mentioned previously, the ideal method of entering historical data into QuickBooks Online is to enter individual transactions. While this is more time-consuming than completing a summary journal entry, it includes all of the details of each transaction.

Individual transactions must be entered in the correct order to avoid any issues. The order in which to enter historical transactions into QuickBooks Online is as follows:

1. Purchase orders; bills and payments; credits from vendors; credit card charges; checks; inventory on hand
2. Employee timesheets, billable hours
3. Invoices; sales receipts; credit memos; returns
4. Customer payments; bank deposits

5. Sales taxes paid; payroll transactions
6. All banking transactions (not previously entered); credit card transactions (not previously entered); reconcile all bank and credit card accounts  

Now that you know the correct order to enter historical data, it's important that you follow...