Post-migration checklist for Converting Sage 50 data to QuickBooks Online

Haven’t migrated yet? Review our article on Converting Sage 50 data to QuickBooks Online.

Although we try to make the data conversion as comprehensive as possible, there are still a few tasks you'll need to perform before you start using QuickBooks Online. It's best to complete these as soon as possible before you make any changes to the data or enter new transactions.

In this article, you'll learn how to:

• Enter your company information and fiscal start month
• Check your data by comparing reports
• Turn on sales tax
• Consolidate sales tax into the default QuickBooks Online sales tax account
• Reconcile your bank and credit card accounts

Enter your company information and fiscal start month

Step 1: Enter company information

1. Select the Gear icon, then choose Account and Settings.
2. On the Company tab, enter your company and contact information.
3. Update or verify the email addresses to ensure billing communications and customer communications are handled correctly.
4. Enter the email address in the Company email box where you would like to receive the monthly invoices from Intuit for your QuickBooks Online subscription.
5. If you do not want to use the Company email address for your customers to contact you, enter the email address in the Customer-facing email box that you want your customers to associate with your business.
6. Select Save.

Step 2: Set fiscal start month

1. Select the Advanced Tab.
2. In the Accounting section in the drop-down menu to the right of First month of fiscal year, select the first month of your fiscal year.
3. Select Save in that section, then select Done at the bottom right.

Check your data by comparing reports

We suggest you compare the below reports in QuickBooks Online and in Sage 50 to ensure that your data was transferred correctly. To verify your reports, run the reports by "This Fiscal Year or This Year" in QuickBooks Online:

•  Balance Sheet Report - select This Fiscal Year or This Year
• Trial Balance – select This Fiscal Year or This Year
• A/R Aging Summary - select This Fiscal Year or This Year
• A/P Aging Summary - select This Fiscal Year or This Year
• Profit and Loss - select This Fiscal Year or This Year

Turn on sales tax

It’s important that Sales Tax be turned on in QuickBooks Online set up with the correct CRA Business Number and filing frequency before you start using it. You can skip these steps if your business isn’t registered for Sales Tax:

1. In QuickBooks Online, select Sales Tax in the left hand navigation menu.
2. Follow the prompts to turn on the Sales Tax for your province.
   Note: Correctly select your home province, as this cannot be changed after the fact.
3. Enter your CRA Business number and Filing frequency.
   Note: Ensure your Accounting method is set to Accrual unless your accountant has told you otherwise.

Consolidate sales tax into the default QuickBooks Online sales tax account

Sage 50 Canada uses two accounts (four in Québec) to track Sales Tax and post-migration steps to consolidate sales tax into the single GST/HST Payable account in QuickBooks are required.

Follow the steps given in the video below to consolidate your tax accounts.

Reconcile discrepancies to your Accounts Receivable (Customers) and Accounts Payable (Suppliers) that may exist after the conversion.

Reconcile your bank and credit card accounts

Note: It is critical that you complete this step before connecting your bank and/or credit card accounts to online banking.

Since you have not yet performed a bank reconciliation in QuickBooks Online, QuickBooks Online assumes that no bank transactions have been reconciled.

You need to tell QuickBooks Online to mark all transactions up to the conversion date as reconciled, so that it only considers future transactions for reconciliation:

1. Select the Gear icon, then select Reconcile.
2. Choose the relevant bank account from the drop-down, then select Reconcile Now.
3. A Start Reconciling box opens. Enter your last reconciliation date in Statement ending date and put cleared Balance as it was on your last reconciliation in the Ending Balance field.
4. Leave the rest of the form blank and select OK.
5. You will see a list of transactions. Select the top checkmark boxes to select all transactions in the list. If the data is in two columns, make sure you’ve selected all transactions in both columns. Then find and uncheck transactions that are still uncleared. When the difference is Zero that means you have completed these steps successfully.
6. Select Finish Now.

Note: It is important to repeat this process for all bank and credit card accounts in QuickBooks Online.