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Sage TB into Quickbooks Online

Help required to set up Quickbooks Online from a Sage TB partway through the accounting year

Hi, I'm pulling my hair out so hoping someone can help please :-) Apologies in advance for the long post....also, I am a bookkeeper and not an accountant so i'm a little out of my depth.

I have to move a client from Sage 50 accounts to Quickbooks online. Using migration from QB support didn't work successfully and rather than wait for them to look into it and correct it, I purged the data and now I need to enter opening balances from Sage TB. It is part way through the accounting year which i guess is not ideal but I have no choice.

The issues I have is that I am new to QB and the Chart of Accounts is giving me a headache as it is not what I am used to. I didn't realise QB didn't use control accounts for starters

I am ok with entering the fixed assets, income and expenses journal entries but don't have debtors/creditors control accounts in my chart of accounts like I did with Sage along with sales/purchase tax.

I understand that I have to enter my creditor and debtor invoices from scratch but where do i enter them and should I enter the gross figure or net + VAT?
On Sage I have 3200 nominal code for profit and loss but need to know the equivalent on QB

Can anyone please offer any guidance. 

Many thanks in advance

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By JKnight
25th Nov 2018 12:57

Have you considered using Movemybooks? I've not used their Sage 50 to QBO service but the conversions to Xero are generally hassle free. https://www.movemybooks.co.uk/moving-to-quickbooks

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to JKnight
25th Nov 2018 13:35

Thanks for your response, after the mess that QB left when they migrated the accounts from Sage to QB I didn't really want to go down the route of using another company to transfer it over. I thought that by just entering opening balances from the TB would be easy but didn't realise that QB was so different although once it's set up I should be ok with day to day entry.
I'm hoping someone can help me set up from the TB
Thank you so much for your response though :-)

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25th Nov 2018 17:18

When I'm using a new software system - say from 1 Nov 2018 - I first set up a year to 31 Oct 2018.

Then I enter the debtor sales invoices one by one and the creditor purchase invoices one by one. This gives me aged balances with the real invoice dates.

Then I enter the bank balances as bank receipts (or payments !) on 31 Oct 2018.

The accounts to 31 October 2018 are, of course, nonsense and should be discarded but you now have sales ledger, purchase ledger and bank accounts to work with in real time until the 2018 accounts are finalised.

Everything else can be journaled in later.

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25th Nov 2018 18:13

Hi, thanks for your response, that makes sense but as the accounting year is Apr 18 to March 19 and I am using a TB from 3oth September 18 from Sage will this work still?
Janey

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to JaneyM50
25th Nov 2018 18:23

You're switching mid-year ???

Good luck with that !!

The solution will always be a fudge but you're probably stuck with preparing two six month sets of accounts and adding them together to get the annual ones.

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25th Nov 2018 18:47

Haha..yep, mid year! I thought id mentioned that on my original post.. I'll have a play around but like you say, I may end up having 2 half years on each system and add together!
Many thanks
Janey

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to JaneyM50
26th Nov 2018 08:18

You may not need the same level of accuracy. If you're just going to add the two together, accruals and prepayments will just cancel out.

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By Matrix
25th Nov 2018 23:48

My client did this and I changed the year end. I don't know if your client has an external accountant but I would discuss with them anyway. I expect they have already filed 31 March accounts so a long period of account may not be an option but you could do a short period to 30 Sept, compare the fees for this versus the extra work of combining two systems.

I wonder if this will happen regularly under MTD.

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26th Nov 2018 17:58

its not that complicated , the first thing to check is the VAT status. if you are on cash accounting you will need to enter all the outstanding invoices / bills at changeover date with the VAT added individually. if you are on accrual accounting you can enter the outstanding invoices / bills including VAT provided they are not in the current VAT quarter in which case the VAT will need to be shown separately . its very easy to change the VAT status of entries which makes it quite easy to do. if you get stuck message me.

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to carnmores
26th Nov 2018 21:52

Hi Carnmore, Thank you, I'm understanding it a bit more.. My client is cash accounting so when I post the invoices do I post them to the expense accounts for what the purchase was or do I enter to the opening balance equity account or somewhere else? I'm guessing not the expense accounts or that will affect my opening bal TB.. I also noticed that there is a supplier called Opening Balance Creditor.. should i post each invoice there or to the actual invoice supplier? Sorry if i'm sounding thick but this has been an absolute nightmare
Janey

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26th Nov 2018 22:14

Yes post to opening balance equity as they have already been posted in sage. They do use control accounts but don't call them as such so as not to confuse non accountants. Usually Trade debtors and trade creditors are the names.

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26th Nov 2018 22:18

After all bills / invoices have gone on just journal in the rest of the TB it will come together in the end. Its a different mindset but once you get it you will be flying. Correcting mistakes is easy to but watch you don't accidentally change VAT on individual entries. Nick

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to carnmores
26th Nov 2018 22:40

That's brilliant Nick, thanks so much for your help! I've done the creditors and will enter the debtors tomorrow now as it's late.
One other question from the Sage TB is that there is a balance showing (nominal code 3200 Profit & Loss) , Where does this get posted?
You really have been helpful and it is much appreciated
Janey

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to JaneyM50
26th Nov 2018 23:54

This is likely to be the retained profit and loss brought forward but I cannot be sure without seeing the TB, if it is it would go to opening balance equity, it could however represent the profit for the year to date. People do things differently so I would need to see the TB to comment definitively

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