This helps us identify the issues and create recommendations for moving forward. The first step we do with new clients is to perform an assessment of the existing file. Do the numbers on these reports make sense? Are things organized in a way that you can easily understand the story behind the numbers? Run a Balance Sheet and a Profit & Loss report. In addition to comparing the balances to the last filed tax return, look at the structure of the chart of accounts and the condition of your customer and vendor lists. Most likely, it will further complicate things. If your existing QuickBooks Desktop is a mess, then choosing to convert the file to QBO will not fix your problems. If the balances do not agree, adjustments need to be made.
How do you verify that your numbers are accurate? Compare the numbers from your last filed tax return to your reports and the balances according to the bank, credit card, and loan statements to the balances in your QuickBooks Desktop file. Reports should not only have the information needed for tax reporting purposes but more importantly provide you with good information in order to make effective business decisions. Accurate data is key to having good reports. We all know the saying “Garbage in, Garbage out”. We want to share some tips we have learned along the way with our client conversions that may help you. Since we are familiar with both Quickbooks Desktop and QBO, we have helped many of our clients successfully convert their books between the two platforms. What should you consider before you make the switch?
You don’t know if you should convert your existing data or start with a new file in QBO. You want to convert from QuickBooks Desktop to QuickBooks Online (QBO).
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