Hi Team,

I currently use QuickBooks desktop premier and am planning to switch to QuickBooks Online plus. Currently, am doing testing with QuickBooks online to understand the functionalities of the system. As Intuit has put a hold on the migration feature, I’m trying an alternative way to migrate my data to QuickBooks online.

 I was able to import the chart of accounts, product list, customers, and suppliers successfully. For the chart of accounts, I had to go to each account type and process the opening balance with the corresponding entry, triggering the opening balance. The customers' and suppliers' available opening balances were moved successfully as either a credit note or an invoice as an opening balance entry.

Despite the fact that these entries have been processed, I cannot see the opening balance entries (debtors / creditors) getting reflected under ‘Uncategorised income’ and ‘Uncategorised expense’  

In QuickBooks desktop premier I would normally create a journal entry based on the figures that reflect in my P&L account and then offset these, but for some reason I am unable to determine why these entries do not appear in QuickBooks online.

The journal entry I would pass is

Uncategorised invoice    Cr  (depending on +/-)

Uncategorised expense Cr (depending on +/-)

To Opening Balance equity Dr

Simultaneously, due to migration, I also had an opening balance for VAT. This opening balance of VAT will be processed via journal entry and the same should appear in my VAT 100 report. For some reason, the journal entry created does not appear to reflect the balances in my VAT 100 report.

The journal entry I would process is

VAT control Dr  (Purchase) – HMRC

VAT control cr (Sales) – HMRC

To Opening balance equity account

This should then reflect in my VAT 100 report, but in this case it does not reflect.

Any help in how to record the opening balances that was carried forward from previous company file would be helpful.

Cheers,

Shaun