We can migrate any number of historical years, both single and multi currency entities, customized Chart of Accounts. This is a full transactional conversion wherein we bring Chart of Accounts, Contact Master, Item Master, Opening Trial Balance, Invoices, Bills, Bank Transactions and Manual Journals.
Bank Transactions (Includes Invoice payments, Bill payments, and other Bank Transactions) (All Bank transactions are reconciled as it was done in QuickBooks Desktop)
Credit Card Transactions
Invoices, Invoice Credit Notes and Invoice Payments
Bills, Bill Credit Notes and Bill Payments
All Manual Journals
Inactive Contacts/Accounts can be brought over on special request
The entire conversion and matching of Reports are done on ACCRUAL Basis.
We make our best attempt to give you the exact image of your QuickBooks Desktop data, however, due to the limitations of few fields which are different in QuickBooks Desktop and FreeAgent, we might have to use some workarounds to bring the transactions.
Allocation of Invoices or Bills against credit notes
Transaction lines with Nil Values
We are specialist in converting core financial information and we try our best to bring the other non-financial information as well, however, because of the limitation of APIs of both software’s, we might not be able to get few fields
Chart of Accounts - Inactive Accounts, if used in QuickBooks Desktop in the conversion period are turned as Active Accounts in FreeAgent. Chart of Accounts will come over in the migration process but the Chart of Account code will change as per FreeAgent Range. The Chart of accounts is "mapped" to the FreeAgent nominal / category codes. For Fixed Assets, we use the default codes of FreeAgent and map it accordingly. For Salary Accounts, we use the default Salary account code of FreeAgent.
Opening Account Balances – Opening Trial Balance as on the conversion date is passed as a journal entry. The oldest open Account Receivable Invoice or open Account Payable Invoice date is used to set the FreeAgent Start date. The opening balance of Bank is passed as a Money In / Money Out entry in FreeAgent.
Open Aged Receivables – Open Sales Invoices are brought in single line reflecting the unpaid amount and coded to ‘Sales’ Account.
Open Aged Payables – Open Purchase Invoices are brought in single line reflecting the unpaid amount and coded to ‘Purchase Clearing’ Account.
Bank Transactions – Bank transactions which are coded to Assets/Liabilities/Equity in QuickBooks Desktop are passed through a ‘Clearing Account’ in FreeAgent and thereafter a journal entry is passed in FreeAgent between that Clearing Account and the Asset/Liability/Equity Account to which it was actually coded in QuickBooks Desktop.
Invoices and Credit Notes – All sales invoices and credit notes are by default coded to ‘Sales’ Account in FreeAgent and thereafter a journal entry is passed in FreeAgent giving effect between ‘Sales’ Account and all other revenue accounts originally coded in QuickBooks Desktop for that Sales Invoice. We bring Sales Invoices and Credit notes in multiple line items. FreeAgent by default takes Tax Inclusive amount, hence all sales invoices and credit notes are created as Tax inclusive.
Bills and Credit Notes – All purchase bills and credit notes are by default coded to ‘Purchase Clearing’ Account in FreeAgent and thereafter a journal entry is passed in FreeAgent giving effect between ‘Purchase Clearing’ Account and all other expense accounts originally coded in QuickBooks Desktop for that purchase bill or credit note. Also, there is no option to bring Items or Products in FreeAgent Bills and credit note. Also, Free Agent does not allow multiple line items in bills and credit notes, hence we condense multiple lines into single line bill or credit note.
For invoice payment and bill payment using codes other than bank, we will create a ‘Clearing Bank Account’, and make the payment in FreeAgent using that Clearing Bank Account, and pass a journal entry between that code which was originally used in QuickBooks Desktop for payment and Clearing Bank Account.
For invoice and bill overpayments, we use a combination of ‘Credit Note’ and ‘Receive Money’ to give the proper effect.
Custom Tax Rates/Tax Amounts are converted into Standard Tax Rates with "Tax Adjustment" passed through a journal entry between Sales Account and Tax Account for Sales Invoices and credit notes.
System Accounts like Retained Earnings, VAT control Account are used in FreeAgent for their counterpart accounts in QuickBooks Desktop
Rounding can be different in QuickBooks Desktop and FreeAgent because of the data precision techniques used in both software.