Importing Quicken data into QuickBooks

Q-1:

Subject: Quicken importing into Quickbooks

Kerry,

I found you information online and it sounds like you are very well versed in these applications.  I got Quicken in hopes I can enter information into it, then import it into Quickbooks so it's in one place.  Can you please let me know how to do this?  I am not well versed in these applications or with keeping books so I can only imagine I will need to turn it over to someone soon anyway, but I want to at least get the information into Quickbooks successfully before hand.

Sincerely,

A-1:

Every version of QuickBooks that I have seen has a built in feature to import Quicken data.  I have done it on several occasions, so I know that it works quite well.

Here is the brief overview from inside the latest QB program:

"You can convert to QuickBooks directly from Quicken 98-2008 and Quicken Home and Business 98-2008. Older versions of Quicken require a preliminary conversion before this one.

The conversion copies your Quicken data to a new QuickBooks company file, leaving your original Quicken data file unchanged for continued use. After converting your Quicken file, you will have two sets of data: your original, unchanged Quicken file and your new QuickBooks company file."

One thing I have encountered is the fact that the version of QB that you use for the conversion has to be at least as current as the version of Quicken that prepared the data.  For example, if you have data produced under Quicken 2005, you can use QB 2005, 2006, 2007 or 2008 to convert the data into QB format.  You cannot use QB 2004 or any earlier version.

This sets up the converted Quicken data into a new QB data file.  You can't import Quicken data into an existing QB file. This means that you can basically do this function once.  If you are for some reason planning to continuously enter your ongoing transactions into Quicken and then import them into QB from there, that is a flawed strategy and won't work.  Once you have converted your Quicken data into a new QB data file, you should then enter all future transactions directly into QuickBooks and stop using Quicken.

Good luck.

I hope this has helped.

Kerry Kerstetter

Q-2:

Kerry,

Thanks very much for the response and info.  It looks like Quicken will not work and we downloaded software that will convert IIF to Excel so that can be imported into QB.
The whole thing is to be able to import transactions into an existing QB file / account.  Is it possible with any application using a conversion or is this a futile quest?

If you are available by phone I would love to take a minute to explain what we're trying to do to see if that's something you might be able to help with / be a good fit for.  It's harder to explain in email especially when I don't understand the jargon very well and haven't worked with the applications.  My colleague does and has so it would be awesome to have you two talk so see if we might need your services.  I would be happy to call you at a convenient time or you're welcome to call me.

Thanks,

Jon

A-2:

Due to my huge backlog, I haven't been able to accept any new clients for the past few years.

On my website page with QB Resources, I have links to some companies that sell file transfer utilities for QB files.

Karl Irvin's: www.q2q.us/index.htm

Big Red Consulting: www.bigredconsulting.com

You might find what you need there.

Good luck.

Kerry Kerstetter

 

 

 

Beware of QB Clean Up Function

I routinely request my clients and their bookkeepers to clean up their QB data before sending it to me to use for their tax returns. I had a shocker a few days ago while reviewing the data file for a client who had recently switched to the QB 2008 program and had sent me his file to use for his 2005 1040.

I sent him the following email:

I downloaded that newest QBX file and tried to set up the main reports I need for the 2005 tax returns. Unfortunately, I wasn't able to get the reports that I need, especially the P&L with columns by Class.

I'm not sure if there was a miscommunication in my general advice to clean up the data files before sending them to me, or what happened. I actually wasn't aware of this change in the program, but it looks like Intuit recently changed the terminology for condensing large data files from the long used "Archiving" to the new term "Clean Up." It appears that you or someone ran this new Clean-Up feature on your data file and it removed all of the details for the 2005 transactions, including all of the class postings. At first, I thought you had just forgotten to include classes in your postings, until I figured out what had happened. I will have to start using a different term than "Clean Up" because I definitely do not want anyone to use that specific function from inside the QB program again. It is very important to retain all of the details; not wipe them out.

Fortunately, I had a copy of the data file that you had sent me back in September from the QB 2006 program. I verified that the totals for 2005 match those in the most recent file, but that older file has all of the details intact for 2005; so I have been using that to assemble the reports for these tax returns.

I created the following screenshot as a warning:

(Click on image for full size)

Software for Realtors

Q:

Subject: Love your website!

Hi Kerry,

I am a real estate broker and in need of a bookkeeping program.  Any thoughts about what is best for my business?

THANKS!

 

A:

Almost all of my clients, most of whom are Realtors, are functioning quite well with QuickBooks.

Check out my QB info on my website.   

Good luck.

Kerry Kerstetter

 

Follow-Up:

Many Thanks!

 

 

 

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Credit card interest charges

When a client who uses QB sent me her tax info, she had a separate hand prepared list of credit card interest charges for the year with the following note.

I had to add up interest on each statement since credit cards are no longer sending out interest paid at year end.

I wrote this back to her:

You also need to learn how to enter credit card charges and how to reconcile the QB accounts with the monthly credit card statements.  That way, all of the interest charges will be picked up during the year.  It really doesn't matter that many credit card companies don't automatically provide interest paid details at the end of the year if each of the monthly statements has been reconciled through your QB.