QuickBooks Data Conversion Phase Four


Phase four of the QuickBooks data conversion process is the firest monthly close. We take phase four to reconcile all balance sheet balances and review financials together. This process includes determining any additional monthly reports needed or additional data that needs or wants to be tracked.

n order to do a monthly close in QuickBooks, we require supporting documents for any balance on the balance sheet. For the bank accounts this would be the reconciliation reports and bank statement. For a credit card account this would be the reconciliation report and the CC statement. It is the other sub-ledger reports that get a little more difficult. For a customer deposit account, as an example, we reconcile the account to zero ending balance every month. What that allows us to do is check of the deposits that have been cleared or invoiced out. Then what remains in the reconciliation are only the open customer deposits.

Another thing we will do in the close is review trend reports to be sure that the current month is staying within the trend of previous periods. This allows us to confirm the setup of QuickBooks ties well with the data we have imported. Now you are off and running on your own!


About Marjorie Adams

Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Magazine.

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