Migrating Your Accounting to QuickBooks Online: A Checklist for A/E Firms

QuickBooks Online (QBO) is a powerful financial tool that pairs well with architecture and engineering (A/E) project manager platforms. But to migrate your data to QBO efficiently and effectively, you’ve got to know the benefits of making the move and how to prepare properly for it. 

Benefits of QuickBooks Online

QuickBooks is one of the most highly regarded and widely used financial software applications available. QBO enhances the system’s accessibility and usefulness, with features like:

●      Cloud-based solution

●      Automatic system updates

●      Anytime, anywhere accessibility

●      Built-in security by Intuit

●      More intuitive interface (compared to Desktop)

●      More automation options (compared to Desktop)

●      Easier access to shared data

●      Simple, immediate client payments

●      Options for credit card, ACH or both

●      iPad and iPhone apps free with automatic sync

●      Payroll available if desired

●      Effortless tracking of income and expenses

●      Streamlined management and paying of bills

●      Seamless integration with Factor A/E

●      Monthly subscription pricing

Preparing for Your QuickBooks Online Migration

Migrating to QBO goes smoothly if you take the time to review and edit your data as needed before you begin the migration. Below is a checklist of action items for your accounting personnel:

●      Ensure account balances are accurate and correct any discrepancies

●      Review lists and document necessary changes, including:

○      Chart of accounts

○      Item setup

○      Fixed asset items

○      Customers

○      Vendors

○      Employees

●      Review accounts receivables

○      Fix unapplied customer payments and credits

○      Address undeposited funds account

○      Review AR aging summary

○      Address write-offs

●      Accounts payable

○      Fix unapplied vendor payments and credits

○      Review unpaid bills

●      Sales tax

○      Fix incorrectly recorded sales tax

○      Adjust sales tax payable

○      Manage sales tax

○      Pay sales tax

○      Set sales tax preference

●      Bank reconciliation

○      Reconcile accounts, including locating and correcting discrepancies

○      Review missing checks

●      Miscellaneous

○      Set closing date and password

○      Disable bank or credit card feeds

○      Disable/reroute any third-party apps

Get Acquainted With Your New QuickBooks Online Account

Finally, there are a few more steps you should take:

●      Ask about how to receive exclusive sign-up discounts through our preferred QuickBooks partner

●      Review migrated lists to ensure accuracy

●      Create relevant product/service types that will link with your Factor A/E account

Approaching your QBO migration methodically using the steps above will make it much simpler to move your data. Even better, a Factor product speicalist will be there to assist every step of the way through your migration and setup process.