ABC Pty Ltd
*SAMPLE ONLY*
QUICKBOOKS DATA IMPORT PROCEDURE
(This has been based on Quickbooks V8)
Purpose
WHO IS RESPONSIBLE:

Client Manager

Support Staff
WHEN IS THIS NECESSARY:
When client sends us QuickBooks data
Procedure
1.
Extract Backup Files that client has sent us
2.
Prior to commencing any work, ensure that prior year closing balances agree with HandiLedger
closing balances. If these do not agree, prepare the necessary journals to bring these up to date.
Once these agree, proceed as follows:-
3.
Review Data File and check for the following: Bank Account has been reconciled, where possible obtaining a print-out together with Copy of
the Bank Statement at Year End/Period.
 Aged Receivables (Trade Debtors) Trial Balance reconciles to Trade Debtors General Ledger
Account. To do this, ensure you print the A/R Ageing Report for relevant Date.
 Aged Payables (Trade Creditors) Trial Balance reconciles to Trade Creditor’s General Ledger
Account. To do this, ensure you print the A/P Ageing Report for the relevant date.
 Inventory Trial Balance reconciles to Stock on Hand General Ledger Account. To do this, print
the Inventory Valuation Summary. Check if manual stock take records exist to verify item count
in QuickBooks.
 Check Company preferences whether tax recording of GST has been set up on a Cash or
Accrual basis. Then check GST Paid and GST Received Reconciles to General Ledger
Accounts. To do this, ensure you print the Tax Summary Report for the relevant period) and
reconcile to General Ledger balances in balance sheet.
 Reconcile totals of payment summaries (Group Certificates) to general ledger accounts (Profit
and Loss Expense accounts), and reconcile PAYG Withholding and Superannuation
Outstanding for the year/period.
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4.
If discrepancies are identified in above items are substantial, contact the client prior to proceeding,
giving them the option of reconciling these items or requesting the firm to attend to what may be
time-consuming reconciliations. Review minor discrepancies with client manager.
5.
When all above items have been checked proceed to enter data into HandiLedger.
PREPARING DATA FOR TRANSFER INTO HANDILEDGER
After preliminary checking of QuickBooks data as above proceeds as follows:-
Option 1
Commence reviewing income, expenses and other entries to identify any entries requiring additional
information or further analysis.
Journals are to be done in the QuickBooks Data File prior to transferring to HandiLedger, proceed to
prepare and enter adjusting entries in the QuickBooks data file
Complete Checklist using QuickBooks Data File. Prepare to transfer data into HandiLedger.
Any further general journal entries required after transfer to HandiLedger are also to be entered into
QuickBooks data file. Copies of these QuickBooks General Journals are to be sent to client to update
their data file.
Option 2
Commence reviewing income, expenses and other entries to identify any entries requiring additional
information or further analysis. Prepare to transfer data into HandiLedger.
All General Journal entries to be prepared in HandiLedger. Details of these journal entries to be
provided to client to update their QuickBooks data file.
PROCEDURE TO TRANSFER DATA INTO HANDILEDGER
After finalising preferred option, proceed as follows:1. Profit and Loss Data
 Generate a Standard Profit and Loss Report (After Customising Dates for relevant period)
 Check that Net Profit/Loss is correct.
 Prepare General Journal Entry of Profit and Loss account using the General Journal Template
 Do not include totals in journal entry. Code Net Profit to HL code 3998 (Clearing Account) Check
journal entry balances. (Dr = Cr)
2. Balance Sheet Data
 Generate a Balance Sheet Comparison Report (After Customising the Report for the relevant
date and deselecting % change box)
 Check that Net Income agrees with Profit and Loss Account and code this amount to HL code
3998 (Clearing Account). Prepare General Journal of Change column using the General Journal
Template
 Do not include any totals in the journal entry.
 Check journal entry balances ( Dr = Cr)
3. Enter above journal entries into HandiLedger.
4. Prepare a list of queries/outstanding items/further information required, which is to be followed up
with client.
5. Once HandiLedger is updated, you may wish to proceed with finalisation of checklist, Working
Papers and Reconciliations.
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