We were amazed at the interest in our "Ask the Expert" article last week about setting up inventory balances in a new file. We have another possible solution for you this week.
We tried QuickBooks alone, with no success, and then we found another add-on which would permit extracting the data from the QuickBooks file, but still required some manual manipulation to import it. We have now found a more automated solution: the Balance Transfer Utility for $99 from Karl Irvin.
This tool is appropriate for version 2002 – current and uses the XML technology to extract the information from the old file and place it in the new file. The most challenging part of using the tool was the initial set up of the files, but after that, a few clicks and instant success.
After the source and destination files have been set up within the tool and the preferences have been modified to permit access, the next step is to select the balances to be transferred. The choices are: Trial Balance, Inventory, Accounts Receivable, and Accounts Payable. All the choices work the same way: it is possible to choose one or all. It is also possible to choose whatever transfer date is desire.
To transfer the information, follow the six steps by clicking each button respectively: Open Source Company, Export New Data, and View Export Report. This third step is option, but it will highlight if there are any potential problem areas.
Then, Open Destination Company (it will automatically close the source company prior to opening the destination company), Import New Data, and View Import Report. The import report details exactly what was imported into the file.
At this point, if there were any errors, it is possible to either correct the situation or to manually enter the few remaining transactions. In our inventory test, the inventory valuation detail report from the source company and destination company matched exactly with no errors.
Summary – Aside from the initial time to set up the QuickBooks data files to permit access by the utility, this is by far the easiest and most automated solution we have seen for transferring the beginning balances into a new file
As a resource for this and other questions, submit a question via "Ask the Expert" or attend our free, monthly discussion forum tele-class.
Bonnie J. Nagayama, CPA (925-247-0100) has been featured by Intuit in their QuickBooks Advisor Spotlight and frequently teaches and consults on using QuickBooks to its maximum advantage. For a FREE weekly newsletter of QuickBooks tips and tricks, plus many free and low cost QuickBooks resources visit www.4luvofbiz.com.
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