QB Issue Resolution:
The list of all accounts in your company is called the chart of accounts. The chart of accounts defines the accounts in your general ledger and categorizes them into assets, liabilities, equity, income, and expense accounts. The setup for your chart of accounts determines how your Profit & Loss and Balance Sheet reports look and what information they contain.
Account data that gets converted to Small Business Accounting/Office Accounting
The QuickBooks Conversion Tool converts most of your account-related data, except when the information is unique to Small Business Accounting/Office Accounting.
The following tables list the chart of accounts data that will be converted (or not converted).
| Small Business Accounting/Office Accounting Account Type | QuickBooks Account Type |
|---|---|
| Bank | Bank |
| Cash (Petty Cash) | Bank |
| Accounts Receivable (Small Business Accounting/Office Accounting has only one A/R account) | Accounts Receivable |
| Other Current Asset | Other Current Asset |
| Inventory Asset (unique to Small Business Accounting/Office Accounting) | Other Current Asset |
| Cash (Undeposited Funds) | Other Current Asset |
| Fixed Asset & Accumulated Depreciation | Fixed Asset |
| Other assets | Other Asset |
| Accounts Payable (Small Business Accounting/Office Accounting has only one A/P account) | Accounts Payable |
| Credit Card | Credit Card |
| Current Liability | Other Current Liability |
| Long Term Liability | Long Term Liability |
| Equity | Equity |
| Income | Income |
| Cost of Goods Sold | Cost of Goods Sold |
| Expense | Expense |
| Other Income | Other Income |
| Other Expense | Other Expense |
| Small Business Accounting/Office Accounting Unsupported Account Type | Non-Posting |
| Small Business Accounting/Office Accounting System Account | Default QuickBooks Account (and Account Type) |
|---|---|
| Opening Balances | Opening Balances (Equity) |
| Accounts Receivable | Accounts Receivable (Accounts Receivable) |
| Accounts Payable | Accounts Payable (Accounts Payable) |
| Sales Tax Payable | Sales Tax Payable (Current Liability) |
| Cash Discounts Given | Cash Discounts Given (Income) |
| Cash Discounts Taken | Cash Discounts Taken (Cost of Goods Sold) |
| Undeposited Funds | Undeposited Funds (Cash Account) |
| Bank Charge | Bank Charge (Expense) |
| Retained Earnings | Retained Earnings (Equity) |
| Pending Item Receipts | Pending Item Receipts (Current Liability) |
| Job Resell Account | Job Resell Account (Income) |
| Write Off Account | Write Off Account (Income) |
| Account Info | Notes |
|---|---|
| Account Name | Account Name in Small Business Accounting/Office Accounting. Limited to 31 characters. |
| Account Number | Accounts are renumbered during the conversion process, so account numbers will be different between QuickBooks and Small Business Accounting/Office Accounting. The original account number is stored in the converted account’s Description field.
Account numbers are limited to 7 characters and must be unique within the company. |
| Using Subaccounts | The Account name indicates the main (Parent) account name (by type). If you want to organize accounts, you can create subaccounts. For example, you might want to group the subaccounts “Electric” and “Water” under the account “Utilities.” |