We get a lot of clients who use the Online version of QuickBooks who want to switch to the desktop version. The main reason usually deals with inventory, though sales tax is another big reason as well. The Online version of QuickBooks has a utility to convert your data to a desktop version of QuickBooks, but there are some odd bugs that we have found over the years. One of the latest problem involves payments received from a Parent customer and applied to multiple child invoices.
For example, I have a customer in QuickBooks called Presti & Naegele with two jobs, Travis and Alex. I have an invoice for each of the jobs but have received one payment from Presti & Naegele. Both Online QuickBooks and the desktop version allow you to receive the payment from Presti & Naegele and it will show both the open invoices for the sub-jobs. During the online conversion, instead of replicating this feature, it will generate a journal entry instead. The journal entry will have a debit to Undeposited Funds for the full amount of the payment, a credit to the Accounts Receivable account, and credit the remaining balance to Opening Balance Equity. It will then generate a second journal entry that debits Opening Balance Equity and credits Accounts receivable for the second job. It won't apply the journal entry to the invoice however, which makes it look like the customer has an open invoice AND an open payment.
Because of this, you would need to manually apply the journal entry 'payment' to the invoices. The simplest way to do this is to run the Open Invoices report and filter for just the transaction type “General Journal”. Any entries on that report will probably need to be applied. This also has an effect on your Profit and Loss and Balance Sheet reports if you run on a cash basis.
About QuickBooks Importing – Transimporter 2012:
There are a few tools that can be used to import data into QuickBooks. One that we have used a lot in the past is Transaction Pro Importer. One of our recent clients has signed up with Uni-Data to do hosting of their QuickBooks and unfortunately, they do not support the Transaction Pro Importer. They do have a program called TransImporter 2012 that they support which also allows importing data into QuickBooks, and has a neat feature that is not available in Transaction Pro Importer. This feature allows you to have multiple transaction types in one file. You set a formula that checks a column for a specific value. If it finds that value, it can change the transaction type. This allows you to import bills and invoices in one file, where as in the TPI software, you need to have separate files and do separate imports. This is also very useful if your invoice data uses negative numbers for credits. Since QuickBooks uses separate transactions for credits instead of a negative invoice, you would typically have to pull these out of the import file, swap the sign, and create a separate import file. With TransImporter2012 you can have the software check the value and change the transaction type for you.