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Quicken to QuickBooks

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Business finances + personal finances = not a great situation especially when all the business’ financial data is in an accounting software such as Quicken and intermingled with personal finances. In my last blog I wrote about exporting data from an Excel spreadsheet into QuickBooks.  How do you move everything over from Quicken to QuickBooks? You can convert a Quicken file to QuickBooks through the Easy Step Interview built into QuickBooks. The conversion copies your Quicken data to a new QuickBooks company file. Your original Quicken data file doesn’t change so you can continue to use it. After converting your Quicken file, you will have two sets of data: your original, unchanged Quicken file and your new QuickBooks company file to use from that date forward.When you begin to set up any new company file in QuickBooks, make sure to have the following on hand:

• Bank Statements and Reconciliations: All Bank statements for each end of month and Bank Reconciliations for each month (list of outstanding checks and deposits)
• Credit Card Accounts: All Credit Card Statements Used for Expenses (if any)
• Merchant Processor Statements: MC/Visa, AMEX, etc
• Any Other Loans / Lines of Credit: Current Balance outstanding as of end of month prior to conversion
• Payroll - Current reports from Payroll Processor
• Accounts Receivable - List of Open Invoices as of month end
• Accounts Payable - List of Unpaid Bills as of month end

Remember - It is all in the set-up! If the QuickBooks file is set up wrong, everything snowballs after that – it can be garbage in, garbage out.  Getting it right is so important.

Another pointer – sometimes it is not easier to convert a Quicken file to QuickBooks.  Reason being, if data has been mis-posted, the Chart of Accounts is a mess, etc…it really doesn’t reduce the amount of set-up time to convert it.  If that becomes the case for you setting up a new client, it is still easier to export the lists from a prior financial application such as Quicken – Chart of Accounts, Vendors, etc…and clean those up in Microsoft Excel, then import them into QuickBooks.  If past transactions are necessary to be imported, you can clean up the data in Microsoft Excel and use one of the import tools that I have discussed in previous blogs to bring the data over to QuickBooks.

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