Understanding Balances after Converting from QuickBooks

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If you convert Lists only

While converting QuickBooks data, Sage 50 will assign beginning balances to accounts, customers, vendors, employees, and inventory items that are converted (employee year-to-date earnings are not converted). These balances represent the current balance in QuickBooks at the time of the conversion. For example, if you have $148.00 worth of outstanding purchase invoices due to a vendor, Sage 50 will convert this amount as the vendor's beginning balance.

QuickBooks current balances are converted to Sage 50 as of the day before the first period you chose to enter data. During the conversion process you are prompted to set up accounting periods that will make up Sage 50's fiscal year. You must also enter the period number in which you will be first entering data.

For example, you are converting QuickBooks company data on 12/15/16. During the conversion, Sage 50 prompts you to set up your accounting periods. If period 12 is set up as 12/1/16 to 12/31/16 and is also chosen as the first period in which you will be entering data, Sage 50 will convert all balances as of 11/30/16 (not 12/15/16).

Note: Sage 50 will convert the "total" current balance of the record in QuickBooks. This means that if you entered transactions in future periods in QuickBooks, these amounts will also be included in account and record balances.

Sage 50 Vendor and Customer Beginning Balances

Sage 50 vendor and customer beginning balances are not posted to the General Ledger. These balances are assumed to already be present in the chart of accounts at the time of the conversion.

When you are ready to make a vendor payment or customer receipt, the balance will be available to write the transaction against.

For example, a vendor has a Sage 50 beginning balance of $148.00 (the balance of open invoices in QuickBooks). To make a payment against this balance, do the following:

From the Tasks menu, select Payments. Sage 50 displays the Payments window.
Enter or select the vendor ID.

On the Apply to Invoices tab, Sage 50 displays $148.00 with a BEGBAL reference. This is a lump sum of all the outstanding invoices due at the time of the QuickBooks conversion.
Enter an amount to pay the vendor in the Amount Paid field.
When finished entering the payment, select the Print button to print a check. If you are not prepared to print the check, leave the check number field blank. If you manually wrote the check, enter a check number. Then, click Save to record the transaction.

For more information on entering payments, see Pay Vendors. For more information on entering receipts, see Receive a Payment from a Customer.