Question

Transition from Simply Account to Enterprise with Foreign currency opening balances

Forum|Forum|5 years ago
September 22, 2020
1 reply
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Hello, I'm looking to transition our company files from Simply Accounting (Sage 50 Quantum) to Quickbooks Enterprise at year end. I can set up our trial balance and will be able to input the CAD opening balances, but will want to input the foreign currency opening balances as well without just inputing the CAD converted OB. What I'm thinking is that I will start the company pre year end, post all the outstanding foreign currency invoices individually at the correct year end rate (I would be looking at max of 100 invoices), and then bring in the CAD opening balances as agreed to the closing TB in simply. The sum of the outstanding receivables plus the CAD closing balances should equal the full closing balance on the Simply TB. Once this agrees I would close the year and open the new year 2021. I am not planning on importing every transaction from prior years as we can always refer to Simply for historical records if necessary. Does this make sense or am I missing something? Thanks!

QuickBooks Desktop

J

JamesM

Hi AS37,

I'm excited to learn that you're looking to join the QuickBooks Enterprise family. I'll be happy to share more info and steer you in the right direction.

At this time, the ability to convert from Simply Accounting to QuickBooks Enterprise is unavailable. I recommend looking at third-party apps that help with migrating your data on our site using this link here. To ensure accuracy in your books, I recommend contacting an accounting professional to get more info on recording the transactions. Doing this will help prevent any future discrepancies in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here.

I'll also leave this question here so other accounting professional members can chime in. Let me know if you have other questions. I'm here to help.

Here's how you can contact our support team for immediate support: QuickBooks Support.

A

AS37Author

Hi James,

Thank you for your feedback.

I have reached out to a third party company regarding support with the transition, but given the company's current financial situation due to covid I'm looking to save on those costs if possible. I am a qualified accountant (CA), so have a pretty good understanding of managing the accounting side of things. I've transitioned much smaller entities to Sage 50, but haven't had to deal with the multi-currency aspects or moving from Sage to QBs. I am also looking at this as an opportunity to revise our chart of accounts, so using a third party might create more work. I'm wondering more if my proposed solution to do it myself in the way described makes sense or if it's not possible?

Thanks for all the feedback!