Moving Your Accounting to QuickBooks Online

When you connect commonsku with QuickBooks Online (QBO) accounting software you can run your business from anywhere and your invoicing and billing process becomes seamless.

On this page;

How the integration works

QuickBooks Online vs. QuickBooks Desktop

Moving to QuickBooks Online

FAQ

How the integration works

  • Eliminate double entry - no more adding bills or invoices manually into a separate software system.
  • Save time and money - sending your information digitally saves money and time so you can focus on running your business, not doing data entry.

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QuickBooks Online vs. QuickBooks Desktop

QuickBooks Desktop is a good choice for businesses

  • with a fixed office location
  • that have a small number of people who need access
  • that don’t want their books to be accessible online
  • that want to explore customized features such as the ability to track budget and spending

QuickBooks Online is a good choice for businesses

  • where people need to remote access the books
  • where multiple people may need to access the books at the same time
  • that are comfortable with a monthly fee and the additional support that comes with it
  • that are comfortable with cloud computing where data is stored online and only accessible with an internet connection
  • that want to explore automation

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Moving to QuickBooks Online

Here's a checklist of things to do before you move to QuickBooks Online:

  • Clean up your existing books - everyone has bad data, so take this opportunity to start fresh with data that is relevant and clients that are active. 
  • Identify your key chart of accounts - look at your existing accounts and analyze what is truly important to have in your financial system. 
  • Import your accounts and clients into both QBO and commonsku - this will remove the need for rekeying and acts as a jumping-off point to start using the two systems. 
  • Test! Test! Test!  - get an understanding of how information moves through commonsku and into Quickbooks. Get comfortable with both systems and how that information transfers, and what the information looks like. This will prevent surprises down the road. 
  • Assess and Adjust - now that you have set up QBO and commonsku, then completed some tests, look at your process and adjust. Moving systems is a great time to analyze your current process. Review how you use to do things and adjust your process to match with the new technology you are using. 
  • Move over open balances - set a date for you to close out your old books and use QBO solely. On this date, you will want to transfer all open AR and AP balances from your accounting platform into QBO. 

commonsku has a partnership with the Intuit Franchise Team. They will set up your new QuickBooks Online subscription, instruct you on how to migrate your accounting data, walk you through how to use the new accounting service, and upload your chart of accounts. Click here for more information or email Amber Burton, Account Manager, at amber_burton@intuit.com

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FAQ

What happens to my data?

When moving out of your accounting platform and into using QBO, you will transfer over all open balances into QBO. For order history and historical data, usually, distributors keep one or two seats with their old system for a year to look back on it.

How do I move my data over?

QBO has several importing tools to ease this transition. Exporting out your client list, vendor list, chart of accounts from your current system into a CSV, Excel, or Google sheet will all work. Then uploading the data into QBO is a simple three-step process of:

  1. Upload
  2. Map
  3. Import

For all open balances with clients and vendors, you would transfer these over manually.

What data goes into QBO?

The commonsku integration with QBO passes all financial data. Invoices are created and sent to clients from CSKU and then imported into QBO. Supplier bills are matched with their PO in CSKU and the payable (bill) is also exported to QBO. This allows you to manage payables, receivables, taxes, and all financial reporting out of QBO. All order management and reporting (project margins, commissions, etc) are done inside of commonsku.   

How long does it take to transition to QBO?

The average time period to completely transition into using QBO 90% of the time is about two months. You will spend a few weeks transferring over lists into QBO, understanding that platform and how information goes into it. Next, you will have an overlap of orders tapering out in your old system as QBO and CSKU ramp up. Then finally you will close out your old books with no open orders and move open balances to QBO. From there you may keep one login from your old system to access old order data. 

How does QBO handle tax?

QBO has two ways to handle tax, manual and automated. Manual taxes allow you to control the name of the tax, the rate, and who the payable is to. Automated taxes will automatically calculate the tax owed by a client on an invoice based on your location, the shipping address, and your Nexus. commonsku supports both of these methods as well. 

We also have Avalara built into commonsku which will handle all taxation based on the shipping address and remittance of tax. 

I have set up all my vendors in my accounting platform, can I import those into QBO?

You can! If you can export your vendor list in a CSV, Excel, or Google Sheet, you can import it into QBO. 

How many licenses of QBO will we need?

You would typically want to have one for each person in finance, plus ownership. One of the great pieces of our integration is it keeps sales and production roles out of where the financials live.

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