July 23, 2019 Growing & Complex Businesses en_US Editor’s note: The following is a guest article by Carrie Kahn - a top 100 QuickBooks Pro Advisor of the Year since 2014. Her team has worked with t... https://quickbooks.intuit.com/cas/dam/IMAGE/A3XPG6i78/ae343cc08b06f4a4efb426a71efa877b.jpg https://quickbooks.intuit.com/r/growing-complex-businesses/five-things-to-do-after-switching-to-quickbooks-enterprise/ 5 things to do after you switch to QuickBooks Enterprise
Growing & Complex Businesses

5 things to do after you switch to QuickBooks Enterprise

By QuickBooks July 23, 2019

Editor’s note: The following is a guest article by Carrie Kahn – a top 100 QuickBooks Pro Advisor of the Year since 2014. Her team has worked with thousands of businesses to get set up on QuickBooks Enterprise.

In this article, she’ll share the steps you need to take for a smooth transition to QuickBooks Enterprise as well as a few useful tips and tricks along the way.


First thing’s first, before you transition to QuickBooks Enterprise, you should review the features and benefits that are included to help you save time, money and headaches.

Also, while Quickbooks is very user-friendly, be careful not to cause headaches and frustration by moving inaccurate data from one system to another. Take the time to reconcile all of your balance sheet accounts and delete unnecessary vendors, customers, and inventory items.

Beyond that, here are the most critical areas you need to consider as you build your new QuickBooks data file:

Setup Starting Balances

When you are creating your QuickBooks data file for the first time, it’s essential to start with numbers you can trust – such as your last filed tax return.

If your starting numbers are not correct, you cannot rely on any of your reports to be accurate, creating a snowball effect that’ll make your day to day management infinitely more difficult. For example, if you have an outstanding deposit of $30,000, and it turns out to be a mistake, both your cash and income will be overstated. You may think you are profitable when you are actually losing money. If your cash is overstated by that much, you may start to bounce checks. And that’s just a minor example of the snowball.

Setting up your accounts properly can take a few hours to a few days depending on your volume.

QuickBooks is transactional in nature, so you will need to pay particular attention to the following special balance sheet accounts:

  • Checking accounts

    • Start with the bank balance dated the end of the last tax year
    • Enter each outstanding check using the original date and check number
    • Enter each outstanding deposit and original date
  • Credit Cards

    • Start with the credit card balance dated end of the last tax year
    • Enter each outstanding entry using the original date
  • Accounts Receivable

    • Create each outstanding invoice using the original date and invoice number
    • Create each outstanding credit memo using the original date and memo number
  • Inventory

    • Create your item list of inventory mapped properly using a naming system, which makes it easy to search and select
    • With each item code use the average cost as the cost
    • Adjust the inventory to match the number of items to agree with the average cost and the total should agree with the tax return
  • Accounts Payable

    • Create each outstanding bill using the original date and invoice number
    • Create each outstanding credit memo using the original date and memo number

After you have set up your special QuickBooks balance sheet accounts properly, you can create a journal entry for the remaining balance sheet accounts and tie the balances back to the balance sheet of the last tax return filed.

Reconcile your bank and credit card accounts using the reconciling feature in QuickBooks. When you are done, set up a password to protect the year-end numbers from accidental changes.

Live Data Entry

When you start entering live data with the first day of the new year, you can enter each transaction in date order, and work your way down the check register. This exercise is helpful as you can use this as practice and training in using QuickBooks.

There are methods for entering batch transactions using third-party apps and our favorite tool is Transaction Pro This task can take a few hours to a few days, based on transaction volume and the staff assigned to the setup project. Be sure to reconcile each of these accounts by month. This will make it easier to pinpoint errors along the way.

(On a related note, there are a ton of apps for QuickBooks Enterprise. Here is a list of third-party apps that my team and I recommend.)

Customer Collections

Using merchant services makes collection a thing of the past.

As a QuickBooks Enterprise customer, you are able to get your monthly fee waived for their integrated merchant service solution called QuickBooks Payments. (You can also place an order for QuickBooks Payments with my company here.) This product allows you to swipe or key in the credit card or ACH for invoices directly into the product.

QuickBooks Payments includes a mobile payments service called GoPayment as well as e-invoicing where you email your client an invoice with pay now option for no extra fee. Since there is not a long term contract, there is no risk to set it up to try the features.

Paying Vendors

We recommend using checks forms that are designed to work with QuickBooks. (If you want to order checks, my company offers a discount here.)

Also, if you want to pay them electronically, you can use a third-party app such as Bill.com to submit these payments using ACH. Both of these solutions will save you time and money overwriting manual checks and eliminating duplicate entry.

Employee Payroll Service

When you run integrated Intuit Payroll in QuickBooks Enterprise, you will benefit from the rich reporting, especially if you need job costing.

One feature of QuickBooks Enterprise is the customizable security permissions which can keep payroll confidential. If you use other payroll services, you will run the payroll outside of the software and then you would need to recreate the entry inside of QuickBooks so that you can balance your checking account. This doubles your time by keeping it in two different places. Within Enterprise you can either pay the payroll taxes yourself or you can sign up for Full Service Assisted payroll where QuickBooks will pay the taxes and file all the necessary payroll tax forms for you.

If you’re interested in learning more about Intuit Payroll, my company provides information sheets here.

Final Thoughts

Following these steps is a great start to help you transition successfully to QuickBooks Enterprise.

If you choose to set up QuickBooks Enterprise yourself, we recommend investing in a QuickBooks ProAdvisor that is certified in QuickBooks Enterprise and well versed in reviewing your workflow, so that when you are finished, you are utilizing all of the powerful features QuickBooks offers.

The estimated time it will take to build your data file depends on the complexity of the conversion, the volume of transactions, as well as the applications you are integrating. Be sure to budget time to hire outside help during the process.

A good rule of thumb is to take the annual cost of your software and multiply it by three to budget for the implementation support fees. Once you complete your project, then you can focus on growing your business, knowing your system will be working for you!

This article was written by Carrie Kahn, an Elite QuickBooks Solution Provider who is the owner of Complete Business Group.

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