QB Desktop to QB Online migration - asset purchase

The migration process in QuickBooks is easy, JP141. However, there isn't a way to only migrate specific data to QuickBooks Online (QBO).

While there isn't an option to migrate only specific data to QBO, you can condense your data and remove selected transactions instead. I'll guide you through the process.

1. Go to the File menu and then choose Utilities.
2. Pick Condense Data.
3. Select Remove the transactions you select from your company file. Select Next.
4. Choose the transactions you wish to remove and then select Next.
5. Indicate how transactions should be summarized and select Next.
6. Specify how inventory should be condensed and select Next.
7. Choose the recommended transactions you want to remove and then select Next.
8. Select the list of entries you want to remove and then select Next.
9. Initiate the Begin Condense process and wait for it to complete. Then, select Close.

In addition, I'm sharing these resources that contain information about the migration process as well as how data moves from QB Desktop to QB Online:

• Move your QuickBooks Desktop file to QuickBooks Online
• Learn how features and data move from QuickBooks Desktop to QuickBooks Online

Let me know in the comment below if you have other questions about migration or any concerns. I'll be here to help.

@JP141 

Which QB Desktop year version did the old owner use? You need to open the company file and run the Condense Data utility to remove old data before converting it to QB Online.

Hi JP141,

I'm currently dealing with a similar situation and wanted to ask how you managed the migration of AR Customer invoice data from QuickBooks Desktop to QuickBooks Online—specifically in a way that doesn't duplicate revenue, as it was already recorded in the previous company file.

Ideally, the entries should be booked as:
Debit: Accounts Receivable
Credit: Acquired AR - Clearing

However, QBO doesn’t allow linking a product/service to the "Acquired AR - Clearing" account. It requires you to select an income account instead, resulting in the following error:

We couldn't save your item. You can only use specific types of accounts to track products and services. If an item is something you sell, use an income account. If it's something you buy, use an expense account.

One workaround I found is to use the "Undeposited Funds" account as the income account. Then, when payments are deposited into the bank, they can be cleared from the Undeposited Funds account. This approach still allows for generating an AR Aging Report.

Was this the method you used, or do you have a better recommendation? I'd really appreciate any insight—QBO support wasn’t helpful, and with live agents unavailable over the weekend, I'm hoping to resolve this before Monday.

Thanks in advance! AB

@Firebrandbread 

You can use TP Exporter for Desktop to export AR Invoice data. It's a 299 one time license + you can get $200 cashback to purchase it through a partner.

https://get.transactionpro.com/qbd

Then prepare the exported data as journal entries and use TP Importer for Online to import them into your QBO account.

https://get.transactionpro.com/qbo

Hi Chrea,

I’m currently using SaaSAnt to import the AR customer invoices. The issue isn’t with the import itself, but rather how the transactions are being recorded—it's duplicating revenue that was already recognized in the old company.

Using journal entries won’t work in this case, as they don’t allow me to generate an accurate AR Aging report. I’ve tested this thoroughly, and unfortunately, that method just isn’t viable.

I believe the best approach is to use the Undeposited Funds account. This allows me to run the AR Aging report on an accrual basis (not cash basis). Then, once the customer pays the invoices, the AR clears and cash is properly recorded. The opening purchasing entries will offset the balance in the Undeposited Funds account.

Thanks so much for your feedback!

Best, AB

Hi Chrea,

I’m currently using SaaSAnt to import the AR customer invoices. The issue isn’t with the import itself, but rather how the transactions are being recorded—it's duplicating revenue that was already recognized in the old company.

Using journal entries won’t work in this case, as they don’t allow me to generate an accurate AR Aging report. I’ve tested this thoroughly, and unfortunately, that method just isn’t viable.

I believe the best approach is to use the Undeposited Funds account. This allows me to run the AR Aging report on an accrual basis (not cash basis). Then, once the customer pays the invoices, the AR clears and cash is properly recorded. The opening purchasing entries will offset the balance in the Undeposited Funds account.

Thanks so much for your feedback!

Best, AB