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232
Importing Quicken Data
Converting Quicken Payee and Class Names



Converting Quicken Classes to Peachtree Jobs (Part 5 of 6)
In Peachtree Accounting you can track jobs including reimbursable expenses
and revenue. Jobs can be company- or customer-related projects. Many of
Quicken™s classes could be converted to Peachtree Accounting jobs.
1 Select the Continue button until Peachtree displays the Quicken Import -
Part 5 of 6 window.




Peachtree lists all the remaining classes that have not been chosen as
either vendors or customers. Initially, all the classes in the list are not
selected as jobs.
2 Review the job list.

3 Double-click each class that you want to become a job. If you change your
mind, double-click again to remove the X.

4 When you have verified every valid job, select the Continue button to move
to the next step in the Quicken import process.




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A Converting Quicken Data to Peachtree Accounting
Getting Started Guide



Converting Quicken Payees to Peachtree Employees (Part 6 of 6)
1 Select the Continue button until Peachtree displays the Quicken Import -
Part 6 of 6 window.




Peachtree lists all the remaining payees who were not chosen as vendors
and were associated with negative checking transactions. Initially, all the
payees in the list are not selected as employees.
2 Review the employee list.

3 Double-click each remaining payee that you want to become an employee.
If you change your mind, double-click again to remove the X.

4 When you have verified every employee, select the Continue button to
move to the next step in the Quicken import process.
Once you have identified all the payees and classes that are to become
vendors, customers, jobs, or employees, the import program begins
importing the Quicken transactions. The length of time required to
complete the import process depends on the quantity of transactions
you are importing.




234
Importing Quicken Data
What to Do After Importing



Balancing Transactions
In Peachtree Accounting, transactions must be balanced with debits and
credits. This is not required in Quicken. Because of this difference, it may be
necessary for the import program to create balancing transactions (debits
equal credits) from sometimes one-sided Quicken transactions.
For example, in Quicken it is possible to write a check without assigning a
category. In Quicken for Windows, the transaction is unassigned everywhere
except on the Balance Sheet where it is assigned to a category called Equity. In
Peachtree Accounting, this transaction is considered unbalanced. For this
transaction, the import program will import the check, which becomes a
credit to the bank account. It will also create a balancing debit transaction in
the equity/retained earnings account, thus balancing the transaction.

What to Do After Importing
When the import process is complete, you still have some setup work to do.
Specifically, you must:
• Set up the necessary accounts in your chart of accounts
• Set up sales tax information
• Identify unnumbered payment transactions
• Post transactions
• Check the results
• Optionally, change to real-time posting
• Get to know Peachtree Accounting




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A Converting Quicken Data to Peachtree Accounting
Getting Started Guide



Setting Up Necessary Accounts
Because Peachtree Accounting uses a full chart of accounts, there are some
accounts you must set up that you may not have set up in Quicken. The
accounts required to use each of these features in Peachtree Accounting are
shown in the following table:


Feature Account Description COA DEF

Customers Accounts Receivable (accrual method)

Cash Received
 
Discounts Allowed

Sales Tax Payable
 
Interest Income from finance charges


Vendors Accounts Payable (accrual method)

Cash Disbursed
 
Discounts Taken


Employees Cash Account
 
Gross Pay Account
 
Tax Liability Account
 
Tax Expense Account


General Ledger Retained Earnings
 
Rounding (if desired)


Inventory Inventory Sales Revenue

Inventory

Cost of Sales

All of these accounts must be set up in your chart of accounts (COA).
Additionally, some of the accounts must be set up as defaults (DEF). Refer to
the list to see which accounts must be set up as defaults. Follow these steps to
set up the necessary accounts.




236
Importing Quicken Data
What to Do After Importing


Set Up Accounts in Your Chart of Accounts
1 From the Maintain menu, select Chart of Accounts.
Peachtree displays the Maintain Chart of Accounts window.
2 Enter any accounts from the list that are not in your chart of accounts and
select Save.
Peachtree requires that you include one account with the “Equity-
Retained Earnings” account type in your chart of accounts before
posting any transactions. If this type of account was not imported, you
must set one up now. The retained earnings account also used when
balancing financial statements, such as the Balance Sheet. If you do not
have a retained earnings account, you will receive various errors and be
out of balance.
Refer to User™s Guide for more information on setting up accounts.
3 When you have finished entering and saving the necessary accounts, close
the window.

Set Up Default Accounts for Your Customers
1 From the Maintain menu, select Default Information, then Customers.
Peachtree displays the Customer Defaults window.
2 Select the Payment Terms tab and choose the default G/L sales (income)
and G/L discount (income) accounts.

3 Select the Finance Charges tab and choose the G/L finance charge (income)
account.

4 Select OK to save your defaults and close the window.

5 From the Maintain menu, select Customers/Prospects.
Peachtree displays the Maintain Customers/Prospects window.
6 Select the Sales Defaults tab.

7 Enter or select a customer ID and choose a default G/L sales (income)
account, if it is different from the company default. Then save the
customer. Repeat this step for each of your customers, if necessary.




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A Converting Quicken Data to Peachtree Accounting
Getting Started Guide


Set Up Default Accounts for Your Vendors
1 From the Maintain menu, select Default Information, then Vendors.
Peachtree displays the Vendor Defaults window.
2 Select the Payment Terms tab and choose the default G/L purchase
(expense) and G/L discount (expense) accounts.

3 Select OK to save your defaults and close the window.

4 From the Maintain menu, select Vendors.
Peachtree displays the Maintain Vendors window.
5 Select the Purchase Defaults tab.

6 Enter or select a vendor ID and choose a default G/L purchase (expense)
account, if it is different from the company default. Then save the vendor.
Repeat this step for each of your vendors, if necessary.

Set Up Payroll Default Accounts
1 From the Maintain menu, select Default Information, then Employees.
Peachtree displays the Payroll Setup wizard.
2 From the Payroll Setup Wizard window, select Next.

3 Complete the initial payroll setup information and select Next.

4 From the lists on the Default Payroll G/L Accounts window, select the Gross
Pay, Tax Liability, and Tax Expense accounts as appropriate and select Next.

5 Continue working with the Payroll Setup wizard as appropriate.
For more information on using the Payroll Setup wizard and setting up
payroll and employees, refer to the “Payroll” chapter of the User™s Guide.




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Importing Quicken Data
What to Do After Importing



Setting Up Sales Tax Information
You need to set up sales tax information before entering sales transactions to
your customers. Peachtree Accounting uses sales tax authorities for tracking
revenue from sales tax. You can associate appropriate sales tax codes that you
set up (a combination of one or more sales tax authorities) with your
customers. For more information on setting up sales tax information, refer to
the “Accounts Receivable” chapter of the User™s Guide.
If you are converting from Quicken Home & Business Edition, the sales tax
accounts are added to your Peachtree Accounting chart of accounts.
However, you still must set up Peachtree Accounting sales tax authorities that
will use your sale tax payable account that was converted from Quicken.


Identify Unnumbered Payment Transactions
If your Quicken data included service charges and balance adjustment
transactions without reference numbers, you will be prompted to post
and/or print them as checks when you change to a new accounting period in
Peachtree Accounting. This is because Peachtree thinks these transactions are
unprinted checks.
Follow these steps to correct this situation.
1 From the Tasks menu, select Payments.
Peachtree displays the Payments window.
2 From the Payments window, select the Edit button.

3 When the Select Payment window is displayed, select Both from the Status
drop-down list and All Transactions from the Show drop-down list.

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