18 Nov Quicken to QuickBooks Monthly
Ask the Expert – Quicken to QuickBooks Monthly
Q – My client is using Quicken for writing checks and balancing the checkbook each month. I prefer using QuickBooks for issuing the statements monthly. Each month I am doing one journal entry into QuickBooks for the activity. When researching the balances in various accounts, it is complicated to pull the original Quicken reports and try to clearly explain my journal entries. Is there a better way?
A – Quicken is a great tool for small businesses because it is inexpensive (approximately $29.99 for Quicken 2003 Basic) and very easy to use. In addition, many banks support a Quicken interface for on-line banking. When you add the benefit for both the client and the accountant that the information can be entered by the client so the bank account balance is always accurate and the time saving feature of printing checks (not to mention looking more professional) this is a logical solution. The challenge in the past for the accountant was that there was the ability to convert the Quicken data to QuickBooks when creating a new file, but the on-going interface was more challenging. Without any additional software, the way you have described is probably the best solution, although it is cumbersome. That is not the case any more. The QIF to Excel to IIF converter from Big Red Consulting has made the process as easy as 1 – 2 – 3.
That is not the case any more. The QIF to Excel to IIF converter from Big Red Consulting has made the process as easy as 1 – 2 – 3.
1. Exports – export the transactions from Quicken for the appropriate date range to a QIF file and export the chart of accounts from QuickBooks as an IIF file.
2. Use the Tool – import the QIF file, import the IIF file, and export the transactions to a new IIF file.
3. Import – import the new IIF file that contains the transactions into QuickBooks.
Another use of this tool is to convert the QIF files available from many financial institutions into a format that can be imported into QuickBooks.
For more information on this $49 QIF converter product visit our on-line store.