Dynamics 365 is an integrated solution consisting of cloud-based tools, applications, and services designed to provide the unified capabilities of enterprise resource planning (ERP) and customer relationship management (CRM) software applications. One of its components is the Dynamics 365 Business Central ERP system. It helps businesses increase their productivity and serve their clients better by providing solutions to manage accounting processes more efficiently using the Dynamics 365 – Accountant Hub. The solution is a perfect fit for small and mid-size businesses that need relatively advanced tools for their accounting needs. Such businesses often migrate from traditional accounting solutions like QuickBooks. This blog is for businesses that are considering a QuickBooks to Dynamics 365 migration.
Extension for QuickBooks to Dynamics 365 Migration
Applications are increasingly becoming interoperable with each other. This is particularly true in the case of Microsoft products. Business Central is no different in the sense that it too has an extension from QuickBooks that makes importing common accounting requirements like data on vendors, customers, items, inventory, chart of accounts, and balances. While the extension is a handy tool to import most of the important data, users must be mindful of the information on transactions. The extension is not designed to handle partial amounts and the onus of applying outstanding transactions lies on the users.
Considerations for QuickBooks to Dynamics 365 Migration
The migration process begins by specifying the accounts to which the transactions have to be migrated. Ideally, users must plan the mapping process before migrating the data from QuickBooks to Dynamics 365. Mapping of accounts for posting sale of items or services to customers, items/ services purchased from vendors, and adjustments in the general ledger must be done before the migration process.
Additionally, it is important to assign account numbers to QuickBooks accounts before migrating to Business Central as the latter requires that general ledger accounts with account numbers. Similarly, transactions with tax amounts in QuickBooks must have corresponding accounts with limits in Business Central before posting transactions.
Moving QuickBooks Desktop data to Business Central requires users to download the Microsoft Data Exporter Tool. Business Central provides the instructions to be followed to use the tool in the Data Migration Wizard. You can export the applicable data to a .zip file once you have established a connection with QuickBooks application.
Using QuickBooks Migration Data Extension
The QuickBooks Data Migration extension is available pre-installed with the Data Migration assisted setup guide. All you have to do is to export the data from QuickBooks to get started.
Click on the magnifying glass and search for Assisted Setup. Choose the link for QuickBooks and select Migrate business data. Follow the steps as they appear to complete the migration process.
Procedure After QuickBooks to Dynamics 365 Migration
Once the migration is complete, you will notice that the transactions have been posted with the status Unposted. These transactions will have to be reviewed on their respective pages. Some of these steps have to be manually performed on Business Central. QuickBooks transactions with markup and discount amounts will have to be manually reconciled. Similarly, you might have to add a product or business posting group to the posting setup if your transactions have to include value-added taxes (VAT). Because there is no provision in QuickBooks to store the current balance for all accounts, users will have to manually check the correct beginning balances in the general ledger.
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