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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Moving QB checkbook to...
Microsoft Dynamics GP (Archived)

Moving QB checkbook to GP steps

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Posted on by Joe PencilPusher

I need to move a Quickbooks checkbook into GP and I want to make sure I have the correct steps.  Will be using the same bank account and preprinted checks. Please let me know if this is correct.

  1. Reconcile the QB to the last bank statement ending balance.
  2. Create a new cash account in GP
  3. Create a new checkbook in GP using the cash account in step 1
  4. Create an increase adjustment in GP to the bank statement ending balance. This will increase the new cash account and checkbook and put them in sync with the bank statement.
  5. Find the lowest outstanding check number from QB and create GP bank rec check transactions for these outstanding checks starting with the lowest check number.  These will now show on the reconcile bank statement in GP waiting to be cleared just like they would be in QB.
  6. Create cash receipt in GP bank rec for any outstanding deposits.  Go into the GP bank deposit window and create the deposit for these cash receipts.  Now these deposits will be in the bank reconciliation window also waiting to be cleared just like in QB.

Thanks

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  • Suggested answer
    soma Profile Picture
    soma 24,410 on at

    First follow the steps 1,2,3,5 & 6(Ignore the step 4). After completed those steps go the Checkbook Maintenance window and check whether Book Balance is tally with Quickbook book balance. If correct then run the Bank Reconciliation. If not, then create adjustment for the book balance and do the reconciliation.

    Hope this helps!!!

  • Joe PencilPusher Profile Picture
    Joe PencilPusher on at

    >> Ignore the step 4

    How can I ignore step 4?  whatever the checkbook balance is in QB is what it needs to be in GP.  Then I enter all the outstanding trx from QB into GP and clear them when they clear the bank.  If I don't create the initial increase adjustment in GP to update the new checkbook and cash account it will never equal what's in QB.  Don't understand your logic.

  • soma Profile Picture
    soma 24,410 on at

    Once you completed the step 4, the  the new cash account and checkbook balance with synchronize to Quickbook balance.

    But, if you follow the steps 5 & 6 after completed the step 4, this will also make changes on your new cash account and checkbook balance. So, how this will tally with your Quickbook balance?

  • Joe PencilPusher Profile Picture
    Joe PencilPusher on at

    Aha!  I see what you’re saying.  

    But I need to adjust the QB balance amount prior to creating the initial balance in GP since the balance in QB includes the outstanding transactions,

    I need to reverse net them out of the QB balance prior to creating the initial balance in GP (via the increase adjustment) so when I create these outstanding transactions in GP, to clear them when they clear the bank, this process will bring the balance in GP to what it is in QB.

    So let’s say the cutoff is 5/31, the balance in QB is $100 and there are 3 outstanding transactions: 2 disbursement checks outstanding, one for $10 and one for $5 and a deposit outstanding for $30,  From this point on all transactions are to be done in GP.  So I need to add the 2 checks and subtract the deposit from the QB balance making the initial increase adjustment to the new checkbook in GP $85.  Then when I create the 2 disbursement checks and one deposit in GP it will bring the balance in GP to $100 which is the balance in QB and I can clear these outstanding trx in GP when they clear the bank.

    Is this correct now?

  • Suggested answer
    soma Profile Picture
    soma 24,410 on at

    Thanks for you brief explanation. Now I understood your requirement & steps clearly. You can follow all the steps from 1 to 6 without any problem.

    All the best:)

    Note: If your problem is resolved, please mark it as a verified. Because this will helps to some others who having the same case.

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