It is not uncommon for businesses to use simple Excel sheets to keep track of transactions, journal entries, lists for customers and vendors, and other information. It is only a matter of time for fast-growing businesses to realize that information that they record will soon outgrow the simplistic spreadsheets. Not only does it become cumbersome to record, track, and maintain multiple sheets for different accounts, it is also relatively difficult to create sheets that Exporting MS Excel Data tcan perform complex operations especially for users who are not familiar with advanced Excel functions. In this blog, let us explore how to import Excel data to QuickBooks.
Why Convert Excel Data to QuickBooks?
Most users who are familiar with Microsoft products must have used Excel at some point in time. For a program that was launched over 30 years ago, it is remarkably widely used even today. However, its limitations come to the fore as the quantities of data multiply. Because users have to do everything starting with calculations, writing formulas, and creating models and graphs, it is error-prone. More importantly, data can be accessed, edited, and deleted by anyone who has access to the spreadsheet. This makes QuickBooks Desktop a much better option.
- As a software designed for accounting needs, it has all the functions and a friendly user-interface for managing financial operations.
- You cannot go wrong with your reports unless you enter the wrong data.
- It integrates with other applications so that you have less work to do.
Importing MS Excel Data to QuickBooks
QuickBooks supports the import of Customer, Vendor, Items, and Chart of Accounts from an Excel spreadsheet. Additionally, it provides the flexibility of choosing from multiple options to import data from Excel files to QuickBooks.
With standard import, QuickBooks generates a formatted Excel sheet in which data can be entered. The data entered into the sheet will be available for review in QuickBooks.
- To import Customers, Vendors, and Products you sell, navigate to File menu>Utilities>Import>Excel Sheets.
- Choose the data type, enter the data in the formatted Excel sheet, and click on the option Add My Data Now.
- Review the data on QuickBooks.
- To import Chart of Accounts, go to List menu>Chart of Accounts>Account>Import from Excel.
- Open the Excel sheet from which data has to be imported.
- Map the accounts and click on Import.
Advance Import Option
This option is for importing items, customers, vendors, and other list data. You can input data into QuickBooks from a newly created Excel or CSV or use one with data that is already formatted for QuickBooks.
If you do not have an Excel sheet with data formatted for QuickBooks, you will have to work with your preferences on QuickBooks as well as the Excel data.
- The inventory preferences have to be changed in QuickBooks. Inventory and Purchase Orders are Active option has to be turned on in the Company Preferences tab in Items & Inventory. Ensure that you are on Single-user mode to change the settings.
- Set up an account from the list of options available in Account Type in Chart of Accounts.
- For each item that you create, ensure that the headers on the Excel Sheet match with those on the QuickBooks Import Screen.
- Create a backup for the QuickBooks company file without overwriting previous backups.
- Import the spreadsheet using the Advanced Import option from Utilities in the File menu.
If you already have an Excel sheet with Customers, Vendors, Items, and other lists data formatted for QuickBooks, the steps involved for importing are much fewer.
- Select the option to import Excel Files from Utilities in the File menu and then select Advanced Import.
- Set up the mapping between QuickBooks and the pre-existing Excel file. Ensure that the This data file has header rows checkbox is selected so that headers in the Excel file can be identified in QuickBooks.
- Proceed with the mapping as stated in the steps above and match the QuickBooks and Import Data columns in the Excel sheet.
- Preview the data and import it once you are ready.
Add or Edit Lists
This option on QuickBooks allows users to simultaneously add and edit multiple customers, vendors, and items. While this option can be used to manage list information like name and description, it cannot be used for transactions like bills and invoices.
- Navigate to the List menu and select Add/Edit Multiple List Entries.
- Choose the list you want to work with.
- Use the Customize Columns button to choose the right columns on the window.
- You can add, rearrange, or remove columns. Note that it is not possible to remove certain columns like customer or vendor name. The order in which they appear can, however, be changed.
- You can edit changes in the appropriate fields in Excel and fix the errors before saving the changes.
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Moving from a widely popular versatile spreadsheet program that can be used for virtually every imaginable recording and computing task to specialized accounting software like QuickBooks might appear to be an unnecessary expenditure at the outset. However, the security features, the simple but effective accounting features, third-party integrations, and application support are some reasons that make QuickBooks a worthy investment As an Intuit Authorized Hosting Provider Apps4Rent offers QuickBooks hosted on our high-availability servers at promotional prices so that your data is always secure and accessible. Our experts provide round-the-clock support via phone, chat, and email. Contact us today for upgrading from Excel to QuickBooks.