Here are some things you should do after converting your QuickBooks Desktop file to QuickBooks Online to ensure a smooth migration.
|We highly suggest you keep your data file in QuickBooks Desktop and maintain your transactions on both sets of books until you determine QuickBooks Online is right for your business.
Check The QuickBooks Guide to Converting QuickBooks Desktop to QuickBooks Online for additional information and insights about converting your data file
To make sure data was transferred successfully, compare the Profit and Loss and Balance Sheet standard reports in QuickBooks Online and Desktop.
Check the AR and Undeposited Funds account balances individually when comparing the reports. Learn what doesn’t come over from QuickBooks Desktop to Online.
When running your reports, make sure:
Expected report discrepancies:
Is account detail type the same as sub-accounts?
After conversion, QuickBooks Online keeps your sub-account hierarchy. However, it also uses an additional level of account typing called "Detail Type." Detail types allow you to be more specific with your account organization. For example, expense accounts can have a number of detail types, such as Advertising, Supplies and Materials, Legal Fees, and so on.
The conversion process assigns detail types to accounts where the detail is obvious (e.g. Undeposited Funds). For accounts where it isn’t clear what the detail type should be (majority of accounts are like this), the conversion process assigns a generic detail type, such as Other Miscellaneous Income. You can correct this later.
Run the Account Listing Report to review and edit your accounts’ detail types.
Transactions and payroll accounts are converted to balance your books, but details behind the transactions (like payroll item breakdowns and employee year-to-date numbers) don't convert.
Liability refunds, adjustment transactions, and opening balance transactions that affect accounts convert to journal entries.
To complete your payroll setup:
Regarding pay history and certain pay types:
If you want to start using QuickBooks Online Payroll, set it up in your company file:
If you want to continue using your standalone Payroll, cancel your QuickBooks Online Payroll first.
If your pay types from QuickBooks Desktop were not mapped with a standard QuickBooks Online pay type, then you may be asked to match your payroll items.
To map your QuickBooks Desktop pay types with that of QuickBooks Online:
Note: You cannot go back and map your pay types if you select Skip for Now.
Don’t see options to choose from? Some pay types imported are not supported in QuickBooks Online Payroll. If this is the case, select Skip for now in the bottom right of the screen.
Note: After selecting "Skip for now," you'll have to manually create pay types for your employees to complete the payroll setup.
While you can't transfer your existing Payments account to QuickBooks Online, you can create a new one.
Once imported to QuickBooks Online, the calculation method for your inventory will be FIFO (first-in-first-out), using the "as of" date that you chose during import.
What does this mean for my business? You'll need to file form 3115 with the IRS to notify them that you made this change in accounting, using the "as of/effective" date that you chose while importing. Learn about this form and inventory in QuickBooks.