A summary journal entry will only include lump sum total amounts. To enter balances for balance sheet accounts, you should run a balance sheet report in your current accounting system for the last day of the year for which you are bringing over data. If you would like to also bring over income and expense data, you need to print an income statement from your existing accounting system, as of the last day of the year for which you are bringing over data. Enter the totals for each account into QuickBooks.
Make sure the accounts that appear on both the balance sheet and income statement reports have been created in QuickBooks before you create the journal entry.
Follow these steps to create a journal entry in QuickBooks Online:
- Navigate to the Journal Entry screen by clicking on the plus (+) sign in the upper left-hand corner of the home page, as indicated here:
- In the OTHER column, click on Journal entry...
