Quicken uses terms familiar to anyone who has used a checkbook. QuickBooks
uses a few terms that are standard in business bookkeeping and terms that
reflect the increased power and convenience of QuickBooks for business.
There are features that exist in both Quicken and QuickBooks, but in some
cases, they work differently.
Terminology and feature differences
New and renamed balance sheet accounts
Balance sheet accounts (assets, liabilities, and equity) are those accounts
with balances that affect your balance sheet report. QuickBooks and Quicken
have similar kinds of balance sheet accounts, but QuickBooks adds some and uses
different names for some account types. When you convert a Quicken file for use
in QuickBooks, QuickBooks creates a balance sheet account of the type closest
to the Quicken account type.
In a few cases, you may not want to continue using the account that
QuickBooks created automatically. For example, in Quicken, equity type accounts
are other liabilities. In QuickBooks, you can make them equity accounts.
QuickBooks changes your Quicken categories and subcategories into income and
expense accounts with subaccounts.
QuickBooks creates an Opening Bal Equity account. When you create new
accounts and enter their opening balances, QuickBooks automatically enters the
amount in the Opening Bal Equity account, so that your accounts balance. You
can leave the Opening Bal Equity amount, or you can distribute the amount to
other equity accounts.
When you convert from Quicken for Home & Business
After you've converted your Quicken for Home & Business data file
to QuickBooks, you'll notice the following changes:
The Invoice Items list is now the QuickBooks Items list
Each existing Invoice/Receivables account is converted to a QuickBooks
Accounts Receivable account of the same name.
Existing invoices are converted to QuickBooks invoices. However, they will
be rearranged in chronological order.
Existing estimates are not converted.
Transactions linked to each customer remain linked.
Sales tax amounts linked to each invoice convert accordingly.
All tax accounts in Quicken for Home & Business are converted to a
single Sales Tax Payable account in QuickBooks. For each sales tax account in
Quicken for Home & Business, QuickBooks creates a tax item of the same name
on the QuickBooks Item list.
About payments, credit memos, and refunds.
Converted Quicken payments are always applied to the customer's oldest
outstanding invoice, so the payment links to invoices may be different after
Credit memos and refund checks, like payments, are also applied in
chronological order based on invoice dates, so their links may also be
different after conversion.
What data should I keep managing