Was this page helpful?
Thank you!

Comments or suggestions?

Enter Email Address (optional)

What happens to your data when you convert from Quicken

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 QuickBooks

  • 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.

    Account name

    What it does

    Accounts Receivable

    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 company.

    Accounts Payable

    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.

    Undeposited Funds

    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.

    Retained Earnings

    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.

    Payroll liabilities

    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 portion of taxes such as social security and Medicare.

    Payroll expenses

    Tracks payroll 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 (accounts receivable)

  • Bills and payments to vendors (accounts payable)

  • Quicken categories

  • 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 company.

10/23/2016 2:35:54 AM
QYPPRDQBKSWS07 9138 Pro 2017 eaf3e6