If the transactions exist somewhere else, say another software or Excel, it is often more time efficient to import rather than re-key the information by hand.
This is useful when there is another software creating invoices for example. Moving from another accounting software to QuickBooks is a prime use of this procedure.
Another scenario is when journal entries are created by an accountant like the Controller or CFO of an organization and they use Excel to create them. Then it is up to the accounting or bookkeeping staff to get those journal entries into QuickBooks.
There are special utility software packages created just for this purpose. Transaction Pro Importer is one.
Transaction Pro Importer by Baystate Consulting will convert transactions from Excel and import them into QuickBooks (Desktop or Online). Invoices, bills, checks, journal entries, payments, etc… can be imported. In fact, most QuickBooks transactions can be imported in this way – Warning: Payroll transactions cannot be imported!
Initial screen of Transaction Pro Importer.