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Unable to upload transactions into INCOME or Expense Accounts

JunaidJunaid Member Posts: 6

Hi,

I am trying to upload transactions into Income or Expense accounts but those options are greyed out. Please see screen shot. Does any one know what I need to do to directly upload into Income and Expense accounts?

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @Junaid,
    The screen shot you have posted is of the chart of accounts which is the first step in setting up the books of the business. First determine the the accounts that you need. Assets - such as Cash, Equipment, Furniture etc, Liabilities - such as loans, credit cards, Income - such as Sales accounts and Expenses (typically found in your field of business). Once you have adjusted the chart of accounts to meet your needs you would go to the Accounting tab and Transactions. Top right Import from a bank. There you can import the type of file that you have such as a csv file. Once transactions are imported you would categorize each to the appropriate account. You can also connect your financial accounts and pick a date to begin the import.

  • JunaidJunaid Member Posts: 6

    Hi Mike,

    Thanks for taking interest and looking into my query. Actually, the screenshot is not of the Chart of Accounts, it is a screenshot of the screen that shows up after I click on the + sign I have highlighted in the screenshot below. Even if it is a Chart of Accounts screen, why are income and expense accounts greyed out because I have set them up as you can see in the second and third screenshots.

    I have also attached a screenshot of the actual Chart of accounts in the second and third screenshot and you can see that I have a couple of income and expense accounts defined. I will be thankful if you can help out here.

    Screenshot 1

    Screenshot 2

    Screenshot 3

    edited August 5, 2019
  • MikegMikeg Member Posts: 995 ✭✭✭

    Junaid,
    Gotcha. You want to click on Choose file (csv, Quickbooks etc), then select the bank or credit card account that the transactions should be posted. Remember that accounting is double entry system. By importing you are crediting either the cash or credit accounts. Once that is done you will categorize the debits.

  • JunaidJunaid Member Posts: 6

    Oh yes, I totally forgot the double entry concept. Did that 5 years ago as part of another course. But good to be doing it in practice.

    I just have a side hustle that I want to track all income and expense against so thought of using this to do.

    Thanks a lot for your help. AND I will definitely be in touch if I need a CPA. I am based in Australia so may need an Australia one but will certainly keep your contacts.

    Thanks

    Junaid

  • MikegMikeg Member Posts: 995 ✭✭✭

    Not a problem. Have a great day. The import file should contain all the transactions for the cash account, let's say. When you do the import the deposits are categorized as sales and the withdrawals would be categorized as expenses. The import file is just one side of the entry. Best of luck

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