Preparing QuickBooks data for migration

Available in Microsoft Office Accounting Professional 2008 only.

To prepare your QuickBooks data for migrating to Microsoft Office Accounting 2008, you must first do the following in QuickBooks:

  • Set credit card accounts to the credit card account type, rather than the liability account type, to ensure that your credit card accounts appear as choices when you enter credit card charges in Office Accounting 2008.

  • Before data migration begins, the Convert From QuickBooks Wizard examines your QuickBooks transactions and if necessary, prompts you to archive and condense your data. For improved performance, archive and condense your QuickBooks data before starting the wizard. You can also reduce the volume of data by limiting the number of fiscal years migrated. Accounting 2008 will not migrate transactions that fall outside of the range of fiscal years you define.

  • Accounting 2008 will not migrate invoices marked Pending (Non-Posting) in QuickBooks. To migrate a pending invoice from QuickBooks, you must first change its status by right-clicking it and selecting Mark Invoice as Final.

  • Reports in Accounting 2008 are set to appear on the accrual basis. To simplify the reconciliation of migrated data in Accounting 2008 with your original QuickBooks data, set your QuickBooks report preferences to the accrual basis before starting the migration. If you maintain your QuickBooks accounts on a cash basis, you will need to change individual small business accounts manually to a cash basis mode after the migration is completed.

    Note: Seek advice from your tax professional if you are unsure about the impact of including or removing an account in a cash-basis report, or about which of your accounts in QuickBooks you should include in Accounting 2008 cash-basis reports.

  • Inventory items in QuickBooks must have a cost of goods sold account associated with them to be imported into Accounting 2008.

  • Set your preferences in QuickBooks to use account numbers and assign account numbers to all accounts you intend to migrate. Accounting 2008 will assign numbers to unnumbered accounts.

  • Mark as inactive any accounts you no longer intend to use, so you can delete them later in Accounting 2008.

  • If you want to migrate only your master records, do one of the following:

    • Close your books in QuickBooks before you begin migrating data into Accounting 2008. To close your books, verify that all of your income and expense account balances equal zero. These include income, other income, expense, other expense, and cost of goods sold accounts. Closing your books in QuickBooks ensures that your balance sheet is properly calculated and that Accounting 2008 imports your balances correctly. Accounting 2008 only migrates balance sheet account balances from QuickBooks (cash, bank, other current asset, inventory, other asset, fixed asset, credit card, current liability, long-term liability, and equity accounts).

    • If you do not first close your books in QuickBooks, you must do one of the following after migrating your QuickBooks data:

      • Input the ending balances from your income and expense accounts in QuickBooks to the Balance fields on the corresponding opening income and expense account forms in Accounting 2008. For example, if your ending sales balance in QuickBooks was $500.00, you would type $500.00 in the Balance field on the corresponding Income Account form in Accounting 2008.

      • Create journal entries in Accounting 2008 to add balances to your income and expense accounts (income, other income, expense, other expense, and cost of goods sold accounts), and then offset the journal entries with an Opening Balance Equity account. For example, if you were to create a journal entry with a $500.00 credit to sales, you would offset it with a $500.00 debit to Opening Balance Equity.

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