Often times businesses have a need to bring in opening receivable or payable balances into their QuickBooks company file. This can be a result of buying a business, migrating from another accounting software or perhaps the need to create a brand new QuickBooks company file due to issues with the existing QuickBooks company file. This blog post will provide some steps that you can follow to accomplish this task.
Retrieving Unpaid Invoices and Bills from another QuickBooks Company file
You can use the Transaction Pro Exporter (“TPE”) by Baystate Consulting to generate a file that contain only the open invoices or bills. To do this within TPE you will need to select the import type and next to paid status select Unpaid.
You have two options of formatting the export file. If you want to show all lines on the transaction then leave the Suppress Transaction Lines box unchecked. If you want to show all lines on a transaction then check the box next to Suppress Transaction Lines. After making your selection select the retrieve data button to retrieve the transactions.
Importing Open Invoices and Bills into a QuickBooks Company File
If you are importing open invoices and bills with line item detail from files created using TPE you can utilize our existing maps here.
If you are importing the invoice and bill balances only you can create your own map within TPI. What most users will do is set up a new item called Opening Balance and use the open balance equity account on this item. The opening balance equity account allows you to create these balances without creating income in QuickBooks.
When you get to the TPI mapping screen you will need to type in a static value equal to the item name/number that you set up in your QuickBooks company file.
Considerations when Importing Accounts Receivable and Accounts Payable from Other Accounting Systems
If your customers and vendors do not exist in your QuickBooks company file pre-import and your import file contains the contact information as well as the transactions TPI will create the customer/vendor first based on the information contained in your import file and then add the transaction to that customer/vendor. If your import file does not contain the customer and vendor contact information you could first do a customer/vendor list import with TPI to create your customers and vendors and then do the invoice and bill imports.
The minimum required fields for an invoice and bill import are below. Please note that if this data is not contained in your import file you could also type the value in the Static Value column on the TPI mapping screen.
- If using expenses both of the following fields: Expenses Account and Expenses Amount
- If using items: Items Item and Items Cost
This blog post is a very high level of considerations when importing beginning balances into QuickBooks. I am including links below to several other blog posts that will provide more detail information.
Helpful blog posts:
Transaction Pro Exporter how to export invoices.
Transaction Pro Importer how to import bills.
Transaction Pro Importer how to import invoices.