QBO Data Migration & Importing Data

Question 1

Before converting a QuickBooks Desktop company file to QuickBooks Online, which preparation step is recommended?

Accepted Answer

Run Verify and Rebuild Data and clean up the file to resolve data issues

Answer

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?

Accepted Answer

Use the Import data tool with a CSV or Excel file and map the columns

Answer

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?

Accepted Answer

Date, Description, Amount (or Date, Description, Credit, Debit)

Answer

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?

Accepted Answer

Compare the Trial Balance and key reports in QuickBooks Online with the source system as of the conversion date

Answer

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?

Accepted Answer

Investigate and reclassify it to the correct accounts, such as retained earnings, so the account is zero

Answer

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.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Data Migration & Importing Data