Converting Transactions

If you choose to convert transactions from QuickBooks to Sage 50, there will be a number of differences in how data is converted and what screens of the Conversion Wizard you will see.

If you choose to convert transactions, balances for accounts, customers, vendors, inventory items, and employees will be based on calculations made from converted transactions rather than from static figures taken from the list data itself.

In the case of converting prior year balances, Sage 50 will make adjusting entries, if necessary, to reconcile the calculated balances in Sage 50 with the original balances in QuickBooks.

Tell me more about converting balances.

QuickBooks allows only Average costing for inventory, while Sage 50 allows you to cost items based on Average costing, LIFO (Last In First Out), and FIFO (First In First Out). If you choose to convert transactions, Sage 50 must ensure that inventory costing remains the same and all inventory items will be converted with Average costing. You will NOT be able to change the costing method of those items to LIFO or FIFO in Sage 50 after the conversion.

If you do want to CHANGE the costing method of your items, you must choose NOT to convert transactions. Then, you will be given the opportunity to select a default costing method for inventory after the conversion and you will be able to change the costing method of the items that are converted.

Note: You must change the costing method in Sage 50 BEFORE you use the items in any transactions.

If you choose to convert transactions, your accounting period structure, that is, the number of fiscal periods you have in your fiscal year, as well as the dates on which the periods begin and end, will be fixed, based on the structure in QuickBooks. This is to accommodate the existing period ending balances and such in QuickBooks. However, if you choose to convert lists only, you will have an opportunity to change or set up the accounting period structure.

Bank reconciliation information is not converted to Sage 50. All checks, deposits, bank credits, and debits that were cleared in QuickBooks come over as uncleared transactions. You will need to manually reconcile your bank accounts in Sage 50. How do I do this?

Discounts that you received from vendors and discounts you gave customers may not be applied correctly. How do I modify the application of discounts?