After the conversion

Here are the steps to take once your converted company file is restored in Desktop.

Jump to Section:

• Reporting
• Conversion Errors
• Retained Earnings
• Tax Form / Line Mapping Status
• Sales Tax
• Bank Reconciliations
• Payroll
• Password

Reporting

The Audit Report will show you where we've mapped your QuickBooks Online balances into QuickBooks Desktop accounts. Since QuickBooks Online and QuickBooks Desktop have different account requirements and limitations, some accounts from QuickBooks Online may be converted to different account names in QuickBooks Desktop, but should zero out.

Compare the Trial Balance, Profit & Loss, and Balance Sheet reports in Accrual Basis in both QuickBooks Online and QuickBooks Desktop after the conversion.

Inventory Reporting

If your company file has inventory, a conversion to QuickBooks Desktop (instead of Enterprise) will likely result in reporting differences because of the different accounting methods used (QuickBooks Online uses the FIFO method and QuickBooks Desktop uses the Average Cost method). These types of differences in reporting does not indicate any data loss or discrepancies. Learn more about the impact of inventory cost analysis a during conversion here.

Conversion Errors

If there were any conversion errors listed at the bottom of the Audit Report, please enter those transactions into Desktop manually.

Retained Earnings

Any earnings equity account converted from your QuickBooks Online company file should be merged to the Retained Earnings account in QuickBooks Desktop. Learn how to do that here.

Tax Form / Line Mapping Status

Your converted company file will have the Tax Form set to "Other/None”. Please update the Tax Form to the correct type that your business uses. You will also need to set the Tax Line mapping by hand for each account.

Sales Tax

QuickBooks Desktop has only one Sales Tax Payable account (called "Sales Tax Payable") while in QuickBooks Online you can have multiple. In Desktop, the System Account can be found by filtering the Accounts list by "Sales Tax Payable" and looking for the Account that has the Account Type popup disabled when you try to Edit the Account.

After a conversion, all Sales Tax accounts should be merged into the System Account by renaming them each to "Sales Tax Payable" and clicking Yes to the Merge. Note, for the other Sales Tax accounts any sub accounts should be removed (i.e., made top-level accounts) otherwise you will not be able to merge them.

Bank Reconciliations

Unfortunately, the existing reconcile balance in QuickBooks Online isn’t transferred over to QuickBooks Desktop. After the conversion, when you attempt to reconcile in Desktop, you'll see that the beginning balances are zero. This can be fixed by running a single reconcile for the last reconciled month in QuickBooks Online. Learn how to do that here.

Payroll

While paychecks convert using our service, most payroll data does not.  What does not convert includes pay period and liability period as well as QuickBooks Payroll Online information. To continue running payroll after you export your QuickBooks Online data, please set up your employees and enter historical tax payments (learn how to do that here). PII (personally identifiable information) such as social security numbers is inaccessible for the conversion and must be entered manually.

 

Password

After you've used the exportmybooks.com-provided password to restore your file, please change your company file password to one that's secure and that you'll remember.