Question

Is qb really a double entry system?

Forum|Forum|3 years ago
January 28, 2023
3 replies
0 views

I am getting very confused and more than a little lost here.

QB is sold as a double entry book keeping system. Unless I am mistaken it isn't.

Where are the actual ledgers where the other side of the transaction are stored??

How do you make entries other than apply bank transactions to categories.

If I transfer my data to qb will I lose it's double entry integrity and not be able to move it on in future.

QuickBooks Online

G

GebelAlainaM

Hello there, john. I understand the confusion you're having. I'm here to help you sort this out.

Yes, you're right that QuickBooks is using a double entry system. You can view the other side of the transaction by pulling up Journal report. I'll show you how.

From the left navigation bar click Reports.
In the Go to reports search field, type a keyword ("Journal," for example).
Choose Journal.
Set the date range.
You can also customize the report based on the information you need.
Then select Run report to save changes that you've made.

Also, with regards to making other entries other than to applying bank transaction to categories you can utilize a Journal Entry that has debits and credits. Furthermore, you won't lose your data when you're going to import your double entry transactions to QuickBooks in the future.

You can read through this article if you want to know more about double entry in QuickBooks: How accounts are affected by debits and credits.

Also, you can refer to these articles for the step-by-step instructions about importing data in QuickBooks:

Ping me a reply if you have any other clarification with regards to QuickBooks. I'll be around. Take care!

J

JohnMikeAuthor

Thank for confirming this and thank you for the enclosed links.

I hope that I am inching towards a better understanding of how qb works in preparation for the onboarding call on the 1/2/2023.

I have already reviewed the links provided and associated video tutorials some by intuit and others by 3rd parties.

The primary drive of my initial question in this thread was to establish how to import year to date i.e. from 6/4/2022 transactions into qb. This being the minimum history to transfer over. Obviously not all these transactions involve bank. For example, trade accounts with suppliers start by recording purchases on account which are subsequently settled at period end with the bank. As things stand the only transaction qb is saying I can import is the settlement at period end.

So thus far I have been unable to establish how to import these, and other, transactions which do not originate in bank, from an excel spreadsheet. Obviously I can export the transactions into CSV format and load to xlsx and reformat columns as required for import. However, your links etc only refer to importing bank transactions.

Everything in the pre-sales hype indicates that we can import pre-existing accounting data via excel. But when it comes to it, this is in fact is not possible or at least from my attempts it appears to be impossible.

So what is the recommended strategy?

1, forget qb until 5/4/2023 just bring over balances on the 6/4/2023 (see point 3) and go from there.

2. keep my old system alive for the next 7 years so that I can access records which may be requested by authorities.

3. ditch an accumulated data resource from the pass 10+ years of accounting records because qb can't handle import of historic records and start everything from scratch again.

4. pay a 3rd party a very large fee, to take control of my data an convert it and populate qb with no guarantee that the conversion will be accurate nor create a resource which I find satisfactory. I am highly unlikely to do this.

5. Start again and reinput manually all the data from my current system into qb. Obviously a viable start date would have to be established as this will take many weeks/months to achieve.

I hope you can see the issue here. None of these options are cost effective. The purpose of joining qb at the behest of my accountant was to be efficient and to save time and money. Right now I cannot see how that is possible. Indeed it looks like it is going to be an exceptionally time consuming and expensive event, which is not conscionable at this time.

I would be delighted if someone from intuit (or other user) could show me how to realise the promised seamless transition from my existing system.

Thank you.

C

ChristineJoieR

I understand the frustration this has caused you, @JohnMike. I'm here to share details about this matter.

QuickBooks ensure you're convenient while using the system and create up-to-date features from time to time. However, there is a specific list that we can import and export in QuickBooks Online. See the list below:

Bank Data
Customers
Vendors
Chart of Accounts
Products and Services
Invoices

You can review this guide here for reference: Import your chart of accounts to QuickBooks Online.

In addition, feel free to check this resource to understand ways debits and credits work will help you: How accounts are affected by debits and credits.

Reply to this post if you have additional questions about importing data in QBO. I'm always here to assist you. Take care and stay safe!

Bryan_M

Hello there, @JohnMike.

Allow me to help you clear things out. Products and Services are items used to create transactions. It is not directly an expense or accounts payable.

If you want to import your expense transactions you'll need to go to your bank to make this happen. However, you can import your bills directly to your QuickBooks Online (QBO) account through a CSV file (or Excel).

Regarding your question about the strategy that is used, I recommend consulting your accountant for a deeper understanding of this topic.

For the correct formatting of the file before importing it, you can read through this article: Format CSV files in Excel to get bank transactions into QuickBooks.

You may find this article useful in the future: Upload your receipts and bills to QuickBooks Online.

For additional questions about importing transactions, don't hesitate to reply to this post. Keep safe and have a good day!

J

JohnMikeAuthor

I feel as though you are sending me around in circles here.

If you check back I asked if the only way to import was via bank.

The initial answer appear to suggest that there was an alternative. But that alternative wasn't revealed.

Now you say that the only way is through bank.

I sketched out the alternative strategies. You decline to make comment on those strategies. But surely in the absence of any ability to import one of these alternatives must apply. It is therefore unacceptable for you to decline to give guidance on an appropriate method.

If it is the case that it is not possible to import from pre existing accounting records then I feel that it is very important the intuit change :

1. Your pre sales implication that you can import existing records.

2. That you update or remove old tutorial videos which imply imports are possible.

3. I think you should redefine the system into a pseudo double entry system. Because the ledgers don't exist. Hence yhe inability to import ftom a proper double entry system.

Very disappointing waste of time.

Fiat Lux - ASIA

@JohnMike

If your primary concern is cost, consider converting yourself using a migration tool. i.e TPExporter for Desktop, TPImporter for Online

https://get.transactionpro.com/qbo

You can also try to find the backup file created in QB Desktop 2020. If you have one, consider purchasing a one-time license for QBD 2020. You just need to migrate the rest of data from when you worked on QB Desktop 2021 to QB Online or another accounting application.