QuickBooks has made the life of millions of people easy. With its many advanced features, this software is nothing but the perfect answer to all your accounting and financing needs. This software is used by many small and large companies on an everyday basis. However, with so much information and data to store, the software at times gets overwhelmed. This is when you need to go ahead and perform QuickBooks Data Migration.
In addition to that, you also go through the Data Migration process when you are switching from QuickBooks Desktop to QuickBooks Online. In both these cases, you can transfer the data in two ways. Either you can transfer the data manually or by using the QuickBooks Migration Tool. In this post, we will take you through the same. We will first understand all the circumstances under which one needs to transfer the data, and then we will see how that can be done.
What is QuickBooks Data Migration?
QuickBooks Data Migration is a procedure that you perform when you need to expand your company on the software or are shifting to a newer version, or move your QuickBooks Desktop file to QuickBooks Online. When you go through this process, you transfer the latest data with you forward and save the rest.
When Is QuickBooks Data Migration Relevant?
Here is a list of circumstances that might lead you to go ahead with data migration:
- To start with, you transfer data if you are shifting to QuickBooks Online.
- When you have an irreversible error in the currently available data. Data migration provides the data with a newer and stronger foundation.
- In case you need to expand your workspace and there are years of data, all in one place.
- Also, when you are shifting to the latest QuickBooks version.
- This is also done if you are using QuickBooks from some other financial software or vice versa.
Manual Procedure To Get the Job Done
Go along this step-by-step ABC to understand the QuickBooks Data Migration process:
Step 1: Check Number of Targets
Let us first understand what targets are? Targets are the number of transactions that you make. Every line means one target. Well, if you have even done the transfer before, then you must be aware of the fact that QuickBooks only allow 3,50,000 targets to transfer at a time.
- To check the current number of targets, press Ctrl + 1 from your keyboard.
- Here, you will get the total targets on the left side of the window.
Now, if the number here is more than the maximum limit, you need to condense your transactions. This will eventually remove your closed and completed transactions, and you will only be able to transfer the latest 3,50,000 targets. This step is essential if you are migrating data before you want to expand the company.
Step 2: Make a Backup of All Your Data
By taking a backup of all your data, you ensure that it is ready to export.
- Go to QuickBooks Desktop and click on the File menu available at the top left corner of the page.
- Here, select the Backup Company option.
- From the drop-down list available, choose Create Local Backup.
- Now, note that there is another option available here Restore Previous Local Backup. This tool will come in handy when you want to restore the information in QuickBooks Online.
- You can even make edits to your Customers lists or make any other necessary changes to your company file during this process.
- We recommend you to make the transfer by the end of a month or year, or even at the quarter. This way, all the data would be reconciled.
Step 3: Export Data To QuickBooks Online
Make sure that you have set up your QuickBooks Online profile. Once that is done, you can do QuickBooks Data Migration.
- In QuickBooks Desktop, head to the Company option from the menu bar.
- Now, scroll to the bottom of the drop-down list. This is where you will find the Export Company File to QuickBooks Online option.
- If the option is not available to you, go ahead and install the latest version of the QuickBooks Desktop application.
Step 4: Export the Lists
Now, make sure you export all your Lists to get the backup available when you switch to QuickBooks Online. The best way to do so is by creating an in-built Excel sheet of all your data.
Export Customers List
To make the Customers List ready to be exported, follow these steps:
- Head to the menu bar of QuickBooks Desktop application.
- There, locate the Customers menu and open the drop-down list.
- Here, go to the Customers Center. A new pop-up window will appear in front of you.
- Look for the Excel button, and there select Export Customer list.
- Make sure you save the Excel sheet in a save space.
Read Also : Transfer QuickBooks Desktop to Another Computer
Migrate Chart of Accounts
Now, let’s make the Chart of Accounts ready to go to QuickBooks Online.
- Right beside the Customers option, you will find Company.
- There, go to Chart of Accounts. You can also tap Ctrl + A to access this window.
- Here, you will see the Reports option.
- From there, click on Account Listing.
- The software will open up a new window for the same
- Finally, click on the Excel option here and choose to Create New Worksheet.
Export Products and Services
The process of exporting every item under the Lists is pretty much similar.
- From the menu, click on Customers again.
- In the list, look for Item List and hit that.
- You will see the list on your screen.
- Locate the Excel option at the Taskbar and click on Export All Items.
Make Excel Vendors List
For the Vendors list, these are the steps:
- Go to the Vendors option located on the right side of Customers and go to the Vendors Center.
- There, click on Excel and select Export Vendors List.
After you have prepared the Excel sheet of all these items, just go to QuickBooks Online and import them by clicking on the Import option under the Excel sheet instead of Export.
QuickBooks Data Migration is an important step to take when you are planning to shift from QuickBooks Desktop to QuickBooks Online or are moving to an updated version. This blog has taken you through the entire process step-by-step for your convenience. If you still have more queries or want to learn the import process, you can get in touch with our team over email. Share your contact details and the problem you are facing at email@example.com, and we will get back to you.