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Post conversion tasks from Dataswitcher to QuickBooks Online

After your conversion is complete, you have to complete some post-conversion before you get started in QuickBooks Online

Configure your QuickBooks Online account

  1. Login into your QuickBooks Online account.
  2. Select the Gear icon and then select Account and Settings.
  3. Set your start of the financial year to the right month (this has to align with your old settings in your previous software)

You will have to reconnect your bank accounts in QuickBooks Online.

Reconcile your bank account

After the data has been converted, QuickBooks Online does not know the state of the transactions on the bank accounts. As far as QuickBooks Online is concerned all bank accounts are unreconciled. We need to reconcile the bank accounts to align with QuickBooks Online.

For every bank account, follow these steps:

  1. From the Dashboard, under Bank accounts, select the bank account that you want to reconcile. Or you can select the bank account from Chart of accounts.
  2. Select the Gear icon, under Tools select Reconcile.
  3. On the Reconcile page, select Get Started.
  4. Fill in the fields and select Start reconciling. Note: In the ending balance use the ending balance of the account, the ending date is the conversion date.
  5. Select all transactions by selecting the checkbox for the transactions. (You want to confirm all transactions, select Yes, select all).
  6. Finish reconciling by selecting Finish now. QuickBooks Online will track the bank transactions

If you did not reconcile your full bank account in the pre-conversion checklist, you might need to deselect some transactions (the ones you did not reconcile).

Select Taxes and then select Setup and finish the wizard in QuickBooks Online. QuickBooks is not aware of any VAT before the conversion period. This is why you have to follow the following guide the first time. See submit your first VAT report after your conversion.

Checking the conversion

After you have finished the post-conversion tasks you need to double-check your conversion. See checking the results of a conversion.

Optional: Change Petty cash account in QuickBooks Online

You can change the petty cash account in QuickBooks Online to be reflected as a bank account. You can just change the account type to Cash at bank and in hand and the detail type to cash on hand to make the account appear in your bank account overview on the QuickBooks Online dashboard.

Match unmatched invoices

Due to limitations in QuickBooks Online, you need to manually link journal entries to bills. The final balances of the supplier should be correct. If you do not link the journal entries to the invoices the trial balances will show the wrong amounts.

For every supplier follow these steps:

  1. Open a supplier, if the open amount does not equal the overdue amount please go to step 3 otherwise go to the next supplier.
  2. Select a new cheque in the right top, Select all. QuickBooks will automatically make a payment linking the journal entries and the bills (amount paid should equal 0.00).
  3. Select Save and Close.

Please familiarise yourself with this limitation, as this might mean your trial balances for debtors for the conversion might not be correct. The reason is that this single payment you are making is actually dated today.

You might also need to do this in some cases where the journal entry was not linked to a sales invoice.

Checked retained earnings

Make sure you agree to the retained earnings before the conversion date. More detailed instructions are applicable, below, for Sage50 conversions.

If you have moved from Sage50, Sage50 has the ability to clear the Profit & Loss accounts at the end of the year. When you migrate to QuickBooks Online, Dataswitcher specifies this in the beginning balance by splitting up the line for the retained earnings in two lines:

  1. Retained earnings Sage50: These are the calculates retained earnings in Sage50 before the conversion date
  2. Remaining earnings, uncleared in Sage50: These are the earnings that Sage50 did not clear from P&L accounts. This might be because the nominal codes previously had the wrong classification

Please ensure you agree to the retained earnings before the conversion date to understand why these are split and might not agree with the ones in Sage50.

Multi-currency & revalued your foreign nominal codes

If your home currencies amount do not line up but your foreign balances do and you need to correct them, click on the drop-down from the Action and select Currencies and for every foreign currency, pick revalue:

You can re-evaluate the bank accounts and nominal codes for that currency to have the correct ending balance (in home currency). You can do this by reviewing your latest exchange rate and filling in the custom field.

When you click revalue and save, QuickBooks Online will automatically create a journal entry for you so from now on the home currencies are right.

Please note, if any data in Sage50 is corrupt and results in a discrepancy of a few pounds, we might need to move some amounts from bank accounts to revaluations.

 

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