QBO Data Migration & Importing Data — Questions and Answers
Question 1: Before converting a QuickBooks Desktop company file to QuickBooks Online, which preparation step is recommended?
- Delete all customers with a zero balance
- Run Verify and Rebuild Data and clean up the file to resolve data issues (Correct answer)
- Disable the Chart of Accounts
- Export the file to a PDF
Correct answer: Run Verify and Rebuild Data and clean up the file to resolve data issues
Verifying and rebuilding the Desktop file before conversion helps catch data integrity problems so they do not carry over to QuickBooks Online. You should also reconcile and clean up lists first.
Question 2: A ProAdvisor wants to bring a client's customer list from a spreadsheet into QuickBooks Online. Which method is typically used?
- Retype each customer manually only
- Use the Import data tool with a CSV or Excel file and map the columns (Correct answer)
- Email the spreadsheet to Intuit
- Upload the file as an attachment to a bank feed
Correct answer: Use the Import data tool with a CSV or Excel file and map the columns
QuickBooks Online has an Import data tool that accepts CSV or Excel files for lists such as customers, vendors, the chart of accounts, and products and services. During import you map your columns to QuickBooks fields.
Question 3: A client wants to upload a bank statement file because the bank connection is unavailable. Which file layout is acceptable for a CSV upload?
- Date, Description, Amount (or Date, Description, Credit, Debit) (Correct answer)
- Only a list of payee names
- A PDF image of the statement
- Customer, Vendor, Item
Correct answer: Date, Description, Amount (or Date, Description, Credit, Debit)
CSV uploads need columns for the date and description, and either one Amount column or separate Credit and Debit columns. The transactions then appear for review in the banking feed.
Question 4: After migrating a client from another system, what is the best way to verify the opening balances are accurate?
- Assume they are correct because the import finished
- Compare the Trial Balance and key reports in QuickBooks Online with the source system as of the conversion date (Correct answer)
- Delete Opening Balance Equity
- Compare only the company logo
Correct answer: Compare the Trial Balance and key reports in QuickBooks Online with the source system as of the conversion date
Reconciling the Trial Balance, A/R and A/P aging, and bank balances against the old system as of the cutoff date confirms the data came across correctly. Any remaining balance in Opening Balance Equity should be investigated and cleared.
Question 5: After a migration, a balance is left in Opening Balance Equity. What should a ProAdvisor do?
- Leave it there permanently
- Investigate and reclassify it to the correct accounts, such as retained earnings, so the account is zero (Correct answer)
- Delete the account without reviewing it
- Move it to Undeposited Funds
Correct answer: Investigate and reclassify it to the correct accounts, such as retained earnings, so the account is zero
Opening Balance Equity is a temporary holding account. Its balance should be analysed and moved to the appropriate accounts, usually retained earnings, so it ends at zero.
Question 6: When importing the Chart of Accounts from a spreadsheet, which setup consideration matters most?
- Account names and types must be valid and map to QuickBooks account types (Correct answer)
- Every account must be named with a number only
- The spreadsheet must be a PDF
- Only expense accounts can be imported
Correct answer: Account names and types must be valid and map to QuickBooks account types
Imported accounts need a valid name and an account type (and detail type) that map to QuickBooks categories. Duplicates and invalid types cause import errors or incorrect reports.
