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Reviewing converted Quicken asset transactions

If you answered "Yes" to converting your Quicken asset accounts to QuickBooks A/R accounts, QuickBooks converted the transactions as follows:

This item in your Quicken asset account...

...is converted to this in QuickBooks:

Each transaction that increases your A/R balance

An invoice to a customer

Each transaction that decreases your A/R balance and has only one split line

A payment from a customer

Each transaction that decreases your A/R balance and has more than one split line

A credit memo to a customer

Each payee

A customer on your Customers & Jobs list

Each category

Both an item on your Item list and an income account on your Chart of Accounts

QuickBooks applies converted Quicken payments to a customer's oldest outstanding invoice first.

The conversion saves you the time of typing in all your accounts receivable transactions, but you'll probably want to make some changes to the converted data.

For example, if the category you used in most A/R transactions was "Sales income," you'll want to change the name of the converted invoice item from "Sales income" to the product or service you actually sell, such as "Consulting hours." The converted income account, however, may be just fine as "Sales income."

Note: You don't have to make changes now. QuickBooks makes it easy to make changes at any time.

See also

KB ID# H_CONVERT_REVIEW_QKN_ASSETS
12/8/2016 7:46:39 PM
PPRDQSSWS406 9138 Pro 2017 3fa1cb