Migrating to QuickBooks Online

In this chapter, we have provided the information that you need to migrate from one form of accounting software (like QuickBooks Desktop) to QuickBooks Online. While you can certainly migrate the data on your own, I recommend that you consult with a QuickBooks expert or the Intuit support team who can provide guidance every step of the way. Whether you are currently using another form of accounting software or spreadsheets to manage the books for your business, you will need to gather a few key documents and bits of information to migrate over to QuickBooks Online (QBO), a list of which we gave you at the start of the previous chapter. In addition, the date on which you decide to start implementing QuickBooks will also determine what information is required for a smooth migration. Providing all of the information required will ensure that QuickBooks is properly set up prior to you using it to track your business income and expenses. Otherwise, you could...

Deciding whether QuickBooks Online is right for your business

It’s important to make sure that moving your business to QBO is the right thing to do. While QuickBooks Online is ideal for many businesses, if one or more of the following is true about your business, you may want to contact the Intuit support team or consult a QuickBooks ProAdvisor to assist you with making the decision:

• Multiple businesses: If you have more than one business to manage, you need to know that you will need to purchase a separate QBO subscription plan for each business that has its own federal tax identification number. For example, let’s say I have a tax preparation business and I have a few luxury properties that I rent on Airbnb. These are two separate businesses, which means I would need to purchase two QBO plans. The good news is you can create a new QBO account using the same user ID and password as an existing QBO account. This will ensure that you are able to sign in once...

Questions to ask yourself in preparation for data conversion

When setting up your QuickBooks company, you will need to determine whether you want to bring over any data from your existing accounting program. Additionally, you need to know what features you want to use in QuickBooks. Answering the following questions will help determine what type of setup you need to manage your day-to-day business activities:

1. How much historical data do you want to bring over to QuickBooks?

   If you are converting in the middle of the year, you need to determine whether you will bring over all the transactions that have occurred thus far, or just start from the current month you are in. The benefit of bringing over transactions that go back to the beginning of the year is that it will allow you to run financial statements in QuickBooks for the entire year, as opposed to only part of the year. Keep in mind that it could be more time-consuming to do this, so you will need to weigh the cost...

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In this chapter, we have provided the information that you need to migrate from one form of accounting software (like QuickBooks Desktop) to QuickBooks Online. While you can certainly migrate the data on your own, I recommend that you consult with a QuickBooks expert or the Intuit support team who can provide guidance every step of the way. Whether you are currently using another form of accounting software or spreadsheets to manage the books for your business, you will need to gather a few key documents and bits of information to migrate over to QuickBooks Online (QBO), a list of which we gave you at the start of the previous chapter. In addition, the date on which you decide to start implementing QuickBooks will also determine what information is required for a smooth migration. Providing all of the information required will ensure that QuickBooks is properly set up prior to you using it to track your business income...

Deciding if QuickBooks Online is right for your business

It’s important to make sure that moving your business to QBO is the right thing to do. While QuickBooks Online is ideal for many businesses, if one or more of the following is true about your business, you may want to contact the Intuit support team or consult a QuickBooks ProAdvisor to assist you with making the decision:

• Multiple businesses: If you have more than one business to manage, you need to know that you will need to purchase a separate QBO subscription plan for each business that has its own federal tax identification number. For example, let’s say I have a tax preparation business and I have a few luxury properties that I rent on Airbnb. These are two separate businesses, which means I would need to purchase two QBO plans. The good news is you can create a new QBO account using the same user ID and password as an existing QBO account. This will ensure that you are able to sign in once and select the business...

Questions to ask yourself in preparation for data conversion

When setting up your QuickBooks company, you will need to determine whether you want to bring over any data from your existing accounting program. Additionally, you need to know what features you want to use in QuickBooks. Answering the following questions will help determine what type of setup you need to manage your day-to-day business activities:

• How much historical data do you want to bring over to QuickBooks?
• If you are converting in the middle of the year, you need to determine whether you will bring over all the transactions that have occurred thus far, or just start from the current month you are in. The benefit of bringing over transactions that go back to the beginning of the year is that it will allow you to run financial statements in QuickBooks for the entire year, as opposed to only part of the year. Keep in mind that it could be more time-consuming to do this, so you will need to weigh the cost versus the benefit...

Converting QuickBooks Desktop data to QBO

Now that you are familiar with most of the limitations of converting data from QBD to QBO, we will walk through the steps for doing this. There are seven primary steps involved with converting data from QBD to QBO:

1. Checking the target count
2. Creating a QuickBooks Online account
3. Backing up your QuickBooks Desktop file
4. Checking for updates
5. Running the QuickBooks Desktop conversion tool
6. Logging in to QuickBooks Online
7. Verifying that all of your data was converted

Let’s look at each of these steps, one by one.

Checking the target count

In order to convert your Desktop data to Online, your target count must not exceed 750,000.To check your target count, open your QuickBooks Desktop file. From the home page, press Ctrl + 1 on your keyboard, which will open the Product Information screen. On this screen, you will find your product license number, the location of your company file, and other key data points, such as the target count.Figure 3...