Congratulations on converting your business records from Microsoft® Small Business Accounting/Office Accounting to QuickBooks. Before you begin using QuickBooks, use this checklist to make sure that everything is set up correctly and converted accurately.
If you need help with something on this list, visit the QuickBooks Support site and community forums on the Web. Or, talk with your accountant for assistance. If you don't have an accountant, Intuit can help you find one.
Set up your QuickBooks preferences
Some converted fields will not be visible in QuickBooks if the feature is turned off. For example, you will not be able to access sales tax information if the Sales Tax preference is turned off. To review or change your QuickBooks preferences:
Go to the Edit menu and click Preferences.
Make changes as necessary and click OK.
In Accounting, on the Company Preferences tab: If you use account numbers, select the Use Account Numbers checkbox.
In Payroll & Employees, on the Company Preferences tab: If you create paychecks, click Full Payroll.
In Reports & Graphs, on the Company Preferences tab: In Summary Reports Basis, click the type of accounting that you use for your company (Accrual or Cash). Change Cash vs. Accrual as needed.
In Sales Tax, on the Company Preferences tab: If you charge sales tax for goods and services, in Do You Charge Sales Tax?, click Yes.
Note: If this was previously set to No, an Updating Sales Tax window appears when you save the preference. In this window, click to clear the Make all existing customers taxable checkbox. This makes QuickBooks use the sales tax settings for customers and items that were created in Small Business Accounting/Office Accounting.
Also, if desired, in Your most common sales tax item, select the item that you want to use as the default sales tax item.
Make sure that your Small Business Accounting/Office Accounting data converted correctly
If you suspect that there were problems in the Small Business Accounting/Office Accounting-to-QuickBooks data conversion:
Compare the Small Business Accounting/Office Accounting and QuickBooks data to make sure that the information is accurate.
In QuickBooks, fix any problems you find.
If needed, you can also try to fix the problem within Small Business Accounting/Office Accounting, and then re-convert the data folder.
If you cannot find your QuickBooks company file, search your hard disk for *.qbw using the Windows search utility.
Enter your company information
Your company information will be not converted from Small Business Accounting/Office Accounting, so you will need to add this information to your QuickBooks file, as follows:
Go to the Company menu and click Company Information.
Fill in the appropriate information, including your Federal EIN.
Compare your Small Business Accounting/Office Accounting and QuickBooks Trial Balance reports
Compare the dates and cash/accrual settings for the reports in Small Business Accounting/Office Accounting and QuickBooks to make sure they are the same.
In Small Business Accounting/Office Accounting, go to the Reports menu, click Company and Financial, and then click Trial Balance.
In QuickBooks, go to the Reports menu, click Accountant & Taxes, and then click Trial Balance.
You may want to also compare the following reports:
Accounts Receivable and Accounts Payable aging reports, as of the conversion date
Income (Profit & Loss) statement, for the full year or as of the conversion date
Balance Sheet, as of the conversion date
Reconcile your bank accounts
QuickBooks and Small Business Accounting/Office Accounting sometimes calculate values differently. For example, QuickBooks sometimes rounds off values before adding them, while Small Business Accounting/Office Accounting adds the values and then rounds off the total. This means you may have to make adjustments—on the level of cents—in your Profit & Loss and Balance Sheet accounts.
To compare the balances of your accounts between Small Business Accounting/Office Accounting and QuickBooks:
In Small Business Accounting/Office Accounting, go to the Reports menu, click Banking, then click Reconciliation Detail.
Run this report for each bank account you want to reconcile.
Write down the Beginning GL Balance and the date.
In QuickBooks, go to the Banking menu and click Reconcile.
Change the statement date to the last date at which you reconciled your account.
Click Mark All, then clear checkboxes for any open transactions.
Confirm that the ending balance is the amount you had in Small Business Accounting/Office Accounting.
Click Continue. In the bottom right-hand corner of the screen, the difference should be 0.00.
If the difference is not 0.00, see if the imbalance can be traced to the error accounts that QuickBooks created during the conversion.
Click Reconcile Now and print reports, if needed.
Make sure that COGS transactions are assigned to a COGS account
After the conversion, some COGS transactions (Cost Of Goods Sold) may appear as "Inventory (Other Current Asset)". This can affect the accuracy of your Profit & Loss report. To correct this, you will have to manually reassign those transactions to a COGS account.
Look in your Inventory (Other Current Asset) for entries that were COGS transactions in the Small Business Accounting/Office Accounting company. If you find any, you can move the transaction to an appropriate COGS account.
If you need assistance, contact your accountant.
Make YTD adjustments for employee's future paychecks and W2s
Small Business Accounting/Office Accounting creates paychecks as a Cash (Bill) check. However, these checks do not have employee YTD (year-to-date) information that QuickBooks requires for accurate W2 forms. You must make a YTD adjustment for each employee.
You'll make YTD Adjustments when you set up your payroll system.
The accounts affected should be set to Do Not Affect Accounts, since your accounts are already correct.