Ask Your QuickBooks Questions | Drop-In Session

I am learning crypto accounting as I go, with little help. All I can find is software companies who will connect the crypto exchange ledgers to QBO and categorize the transactions, for a subscription fee. I would rather know how to categorize the transactions myself, as there aren't that many. Only one exchange account and only one currency. The company I work for pays contractors- just two of them- in crypto. If this wasn't the case, I'd just leave the crypto accounts off of the company's books, to be honest, and just report the tax information. 

Good morning, @Lancer_Seattle.

Thanks for swinging by our drop-in. I hope you're enjoying the day so far.

It's great seeing another business join the crypto team. Many of our users are utilizing crypto as it grows in popularity each day.

I would love to lend a hand with categorizing your transactions. Categorizing crypto transactions can be tricky, and we want to make sure that you get them set up correctly. Because of the variables, this is something better discussed with your certified accountant. Your accountant will know the best process to use based on your business needs and will have a broader understanding of crypto currency. If you don't have an accountant, don't sweat it, you can find one here in our Resource Center.

If there's anything else that I could help you with today, don't hesitate to let me know. Take care!

Not sure if this is the correct forum for my question, but here goes.

Personally I use Quicken for my finances. Professionally I use QuickBooks for my clients. Quicken is unsatisfactory and I am hoping there is a way to convert my data from Quicken for Mac 2017 to QuickBooks Pro 2019 Windows. This will eliminate Quicken entirely.

If I am out of line on this forum perhaps I could get some direction?

Al

Thanks for dropping in @Al69!

You’re definitely in the right place. I’m happy to help you with the Quicken to QuickBooks conversion process.

The Quicken Converter, and the Conversion Utility in QuickBooks, cannot convert Quicken for Mac data file. If you have Quicken for Mac, convert your data file first to Quicken for Windows or create a new QuickBooks company file instead.

Important: The option to convert data from Quicken for Mac to Quicken for Windows is available, but completing this conversion with a file that contains investment accounts will result in investment data loss.  Always make a backup of your file prior to attempting a conversion and review your information in the converted file. 

To convert from Mac to Windows:

1. Open your data file in Quicken Mac.
2. Choose File > Export > Quicken Windows Transfer File (QXF)....
3. Save the .QXF file to media that will allow you to move it to your PC, such as a thumb drive or CD/DVD. You can also use Dropbox to move files. For more information, click here. 
4. Move the media (thumb drive or CD/DVD) to your computer running Windows.
5. Open Quicken for Windows.
6. Choose File > New Quicken File.
7. Select New Quicken File, click OK.
8. Name your new data file and press OK.
9. Choose File > Import and then select the .QXF file from your media.

Once you’ve converted the Mac file to a Windows file, you can then convert from Quicken to QuickBooks Desktop. For detailed information about the Conversion process, check out this great reference article: Convert Quicken data to QuickBooks Desktop

This should get you rolling! Let me know if you have any follow up questions. I’ll be here for you.

I am in Canada. I have GST tax (5% is normal federal rate to collect). I have a grocery store and MOST items sold are exempt from this tax. I am trying to post a SALES RECEIPT for each day's store settlement. The problem is the POS System software used at my store (nexPOS) is limited in what it gives /adds for the Daily Settlement Report. I had support from a QB ProAdvisor on how to set up a recurring JE for these different payments received, and it wasn't right-doubled some incomes. I had an QB ProAdvisor CA take a look and not give much help but for saying it COULD be posted in QB as a Sales Receipt-all to 1200 Acct, then transfer as needed. He also said, due to tiny size of business, a WEEKLY post would be good enough to save time. But how do I reconcile this batched amt to bank live feeds? Also, still not confident I ma grabbing correct income amts as the report incl items such as Gift Card (our own store) redemptions (but not the sale of), and Amts charged on accounts (for our few community non-profits) and Amts Paid against accounts. It also has penny-rounding. ALL reports totals are inclusive of tax but of course, groceries are 95% not taxed. I am having a hard time with the online "background linkage" of the GST (tax) line and tweaking it to my actual GST collected on sales! help! everyone Ive reached out to is "busy" with deadlines due to it being taz season and meanwhile I am waaaaay behind-can't post till I know I am posting correct info

Thanks for joining our Drop-In Session, AtMyWitsEnd.

If you're using QuickBooks Desktop, you can create sales receipts from customer profiles.

Here's how:

1. In the top menu bar of QuickBooks, go to Customers, then Create Sales Receipts/Enter Sales Receipts.
2. Use your Customer: Job drop-down list to choose a customer or job. If they're not on the list yet, you can click Add New to create a new profile.
3. Enter its appropriate information in your Date and Sale No fields.
4. Specify a payment method.
5. In the detail area, pick which item(s) are associated with your sale.
6. If you want to apply for a discount, you'll need to create a discount item.
7. Select Save & Close.
   
   

In the event you're using QuickBooks Online, your steps for creating sales receipts will be a bit different.

In regard to tracking gift card redemptions and other types of transactions in NexPOS, you'll want to work with NexPOS and/or an accounting professional directly.

I've also included a couple detailed resources about reconciling in QuickBooks which may come in handy moving forward:

• Reconcile an account in QuickBooks Online
• Reconcile an account in QuickBooks Desktop

I'll be here to help if there's any questions. Have an awesome day!