When you convert data from Quicken, QuickBooks converts the data into a new
company file. When you open your new QuickBooks company, you'll encounter
differences in how QuickBooks represents your Quicken data, several new
accounts, and new forms for entering data. The differences you need to know
about occur in:
Your Quicken accounts in
Your new QuickBooks balance sheet accounts
QuickBooks adds these balance sheet accounts to your new QuickBooks company.
QuickBooks creates some of these accounts (such as Accounts Receivable)
immediately. QuickBooks creates the other accounts (such as Sales Tax Payable
and Undeposited Funds) the first time you need them.
What it does
Tracks the transactions between you and your customers, including invoices,
payments from customers, deposits of payments, refunds, and credit memos. The
balance of this account is the total that your customers currently owe your
Tracks the transactions between you and your vendors, including bills,
payments to vendors, refunds, and credit from vendors. The balance of this
account is the total amount your company owes to vendors.
Open Bal Equity
Tracks the opening balances of your other balance sheet accounts. QuickBooks
creates this account to ensure that you get a correct balance sheet while
you're setting up a new company.
Sales Tax Payable
Tracks the sales tax you collect from customers. The balance of this account
is the total sales tax your company currently owes.
Holds customer payments you've collected that you haven't yet
deposited into the bank. The balance of this account is the total amount of
funds you have to deposit.
Tracks profits from earlier periods that have not been distributed to the
owners of your company. QuickBooks automatically transfers net income into this
account at the beginning of a new fiscal year.
Tracks taxes that you deduct from employees' paychecks and hold
temporarily until you turn them over to the government. These
include federal and state income withholding taxes, local taxes, and the employee-paid
of taxes such as social security and Medicare.
items that are an expense to your company. These include salaries; wages;
bonuses; commissions; company contributions such as a company-paid health plan;
and the company-paid portion of taxes such as social security and Medicare.
Invoices and customer payments
Bills and payments to vendors
Memorized transactions reports
Your original Quicken data files do not change in any way.
You can continue using Quicken for personal finance and investment accounts,
but changes that you make to your Quicken data will not appear in QuickBooks.
There is no connection between your Quicken file and your new QuickBooks