Below is information regarding how your accounts will be converted to Sage 50.
Sage 50 requires that you have a Retained Earnings account. Although QuickBooks creates this account for you when initially setting up your company, it is possible to remove it. If it is missing, you must re-add it to successfully convert to Sage 50. Otherwise, you will get an error when you try to convert to Sage 50.
To create a new Retained Earnings account in QuickBooks
From the Reports menu, select Balance Sheet, then choose Standard.
Displaying the balance sheet forces QuickBooks to search for a retained earnings account. If it cannot locate one, it will create a new one for you.
Although your Undeposited Funds account in QuickBooks is a Current Asset Account Type and amounts in this account appear in the Current Assets section of your Balance Sheet, in Sage 50 this account will be converted to a Cash account and amounts in it will appear in the Cash section of the Balance Sheet. Sage 50 converted it to a Cash account so that it can be used on the Receive Money window when you specify the offsetting account for receipts. Tell me more about the Receive Money window.
Note: QuickBooks allows you to use Undeposited Funds as a default account for Receipts. Then, when a deposit is made in QuickBooks, amounts go from Undeposited Funds to the correct cash account. The Sage 50 conversion brings over the Receipt into Sage 50 with a Cash account of Undeposited Funds. To get the general ledger in balance during the conversion, a general journal entry is made to move the amount from Undeposited Funds to the appropriate cash account.
If you set up vendors in QuickBooks, Sage 50 will require an accounts payable account. If you set up customers in QuickBooks, Sage 50 will require an accounts receivable account.
During the conversion, Sage 50 will prompt you to select default expense and sales accounts. The expense account selected will be assigned as the default for all vendors converted from QuickBooks. The sales account selected (typically an income account) will be assigned as the default for all customers converted from QuickBooks. After the conversion, you can assign unique defaults for each vendor and customer.
QuickBooks lists non-posting accounts in its chart of accounts. These accounts do not impact the General Ledger and cannot be used in Sage 50. Therefore, they will not be converted.
Sub accounts, sub accounts of, descriptions, and bank numbers in QuickBooks are not converted to Sage 50. Each account in the Sage 50 chart of accounts is unique. However, you can set up accounts that use department masking. What is department masking?
Budget information for each QuickBooks account is not converted to Sage 50. However, you can easily set up a budget in Sage 50 after the conversion is complete. How do I enter budget information in Sage 50?
The current balance (at the time of the conversion) of each account listed in the General Ledger is converted as account beginning balances in Sage 50. Each account beginning balance is entered as of the day before the first period you chose to enter data during the conversion process.
How are accounts auto numbered?