October 24, 2022
In the digital age that we live in today, almost everything is being transferred and stored online. Business owners have a lot of information to track, store and analyze. Typically, this information is stored in an Excel spreadsheet, but many businesses use QuickBooks to manage their finances, and migrating the data manually can be a frustrating and time-consuming process. The good news is that you can sync or import an Excel spreadsheet into QuickBooks easily.
This article will explain everything you need to know about using Excel spreadsheets with Intuit QuickBooks.
Simply put, a spreadsheet is a table with data (numbers) and formulas (math). It is a way to organize and analyze data using formulas that reference other cells in the table. In other words, you can think of a spreadsheet as a program for managing data in a tabular form. Spreadsheets are used for calculating, accounting, statistical analysis, financial planning, and many other tasks needing repetitive computations.
QuickBooks doesn’t have its own spreadsheet feature in the sense that most people think of spreadsheets. To create a spreadsheet, you will still need to use another application like Microsoft Excel or Google Sheets.
That said, Intuit recently released a new feature that allows users to quickly and easily sync their Excel spreadsheet data with QuickBooks. Users can then open and view that spreadsheet in QuickBooks.
This saves a lot of time as you can view and edit your spreadsheet data in QuickBooks instantly without having to manually copy everything over line by line, which used to take hours or even days to complete.
Once you have imported a spreadsheet into QuickBooks, you can then remove all the data and essentially create a blank spreadsheet. However, the features and functions built into Excel make it the better choice for creating and managing spreadsheets.
Let’s go over how to upload a spreadsheet into QuickBooks manually so that you can set one up if you choose to. Again, it's almost always better to create and manage your spreadsheets in Microsoft Excel and then import that data into QuickBooks for record-keeping and analysis.
Follow these steps to manage a spreadsheet in QuickBooks:
1. Select the option “Import Excel Spreadsheet” from the “File” tab.
2. Next, select the option “From a file on my computer.”
3. Now, choose the spreadsheet file that you exported from Excel.
4. QuickBooks will then import the spreadsheet so that you can view the data, sync it with your financial accounts, and initiate automatic updates.
Keep in mind that this process can vary depending on the version of QuickBooks you’re using. When in doubt, you can always import your spreadsheet data into QuickBooks as a CSV file. This is easier to do and will still allow you to view and update your financial data.
As mentioned, Excel is still the preferred application for creating and managing spreadsheet files in 2022. That said, there is one big benefit to setting up a spreadsheet in QuickBooks via the process described above and that’s automatic updates.
With Excel you always need to update your financial data manually, this can take a lot of time and effort, plus it's easier to make a mistake. However, once you have imported a spreadsheet into QuickBooks, the software can automatically update that spreadsheet in accordance with your financial accounts, this saves you a ton of time and hassle.
So, if you have many transactions to record, or if you need to update your financial spreadsheets frequently, then it may be worth the effort to import all of your spreadsheet data into QuickBooks and manage it from there.
If you want to import your spreadsheet data directly from Excel into QuickBooks and have QuickBooks automatically update it from that point onwards, then you can do so easily by exporting your data from Excel as a CSV file and then importing that file into QuickBooks.
Follow these steps to import a CSV file into QuickBooks:
1. Open your company file and then click the “File” menu.
2. From there, select “Import.”
3. Once the “Import” menu appears, choose the “Excel” option.
4. You can then choose the CSV file that you want to import.
The process can vary slightly depending on whether you’re using QuickBooks Desktop, QuickBooks Online, or QuickBooks Pro. But it’s more or less the same deal with all of them. Look for the option to import a file, then choose the CSV file you created in Excel.
Spreadsheets are the industry standard when it comes to recording, tracking, and storing financial data and transactions. Microsoft Excel is by far the best spreadsheet software on the market, and it has been for decades.
However, QuickBooks is a much better accounting software that boasts many more features than Microsoft Excel. As such, you may want to upload your spreadsheet data into QuickBooks.
The main benefit of having a QuickBooks spreadsheet is that the application can automatically update your financial data, whereas you’ll need to do that manually in Excel. In most cases, your best bet will be to create your spreadsheet in Excel, and then import the data into QuickBooks as a CSV file.
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