https://www.guntherservices.com https://www.guntherservices.com/how-to-avoid-common-mistakes-when-transferring-accounting-data <div data-rss-type="text"> If you are considering switching your accounting platform. One of the most commonly performed is Desktop QuickBooks to Online QuickBooks or vice versa. <div> <br/> </div> <div> Make sure the following is taken into consideration: </div> <div> <br/> </div> <div> <ul> <li> Select a time period of data that will be important to have on your new system. </li> <li> Export the data, in sections such as Monthly or Quarterly, then import the section. </li> <li> Then do a ‘reconciliation’ of each month and account after import, BEFORE importing another section. </li> </ul> </div> <div> This way a close eye can be kept on the data and make sure everything comes over correctly. </div> <div> <br/> </div> <div> <ul> <li> From here, Adjust the Beginning Balance Entries on all accounts prior to the chosen import date for all the financial statements to match. </li> <li> And Finally, pay attention to the ‘import date’ when you connect your live online account. This will cause duplicate imports straight from your live bank or credit card feed. </li> </ul> </div> <div> We do not recommend Exporting from one location,  <span> importing, and then walking away… </span> </div> <div> <br/> </div> <div> We find there is a minimum 3% error that occurs with every data import. </div> <div> <br/> </div> <div> Now. 3% may not sound like a lot, but let’s play out the following scenario: </div> <div> <br/> </div> <div> Let’s say you have a gross profit of $300,000 and you have 3% error in revenue (+ or – $9,000) </div> <div> and a 3% error in expense data (another + or – $9,000), </div> <div> We are now at a possible 6% error total and talking about almost $18,000 in discrepancy… </div> <div> This could result in possible tax payment errors or penalties for future reporting. </div> <div> <br/> </div> <div> And… if you really don’t want to pay in more than what is actually owed…? We strongly suggest paying attention to the money. </div> <div> <br/> </div> <div> If you are worried about the data. Schedule a call with us. We will be happy to consult with or do the work for you. </div> </div> Fri, 09 Apr 2021 17:00:49 GMT https://www.guntherservices.com/how-to-avoid-common-mistakes-when-transferring-accounting-data thumbnail main image