After switching from one system to another the data conversion plays a prime role. Converting from the previous software to the new one might be terrifying as it involves the risk of data loss. You need a trustful reference to proceed with the process in a hassle-less manner. In this blog, you will get to know the relevant guide to convert data from NetSuite to QuickBooks. However, they both are two different applications hence require careful resolutions.
Introduction of Netsuite:
Netsuite software is the cloud ERP system that permits companies to handle all key business processes in a single system. It does not involve any hardware, upfront license fee, and complex setups. The NetSuite application is used by companies for Enterprise resource planning (ERP), inventory management, finance tracking, customer relationship management (CRM) systems, host e-commerce stores, etc.
Features of NetSuite:
NetSuite is known as the ERP software assisting enterprises allows optimizing options to enhance business growth. Also, automate the task and processes in a cloud-platform with effective outcomes. It contains exceptional capabilities to boost business processes. Here is the list of NetSuite features:
- It can run the complete financial management tasks like accounting, order management, delivery chain, and stock.
- The program permits universal business administration. Also helps to deal with countries, subsidiaries, currencies
- Generation tools with real-time information
- Cost Savings
- Better Data & Cloud Security
- Improved Inventory Costs
- Process Standardization
- Premium Supply Chain Management
- Enhanced Business Reporting
Why You Need to Convert from NetSuite to QuickBooks?
Sometimes the NetSuite does not suit your business requirements then you need to perform the conversion. There are ample of scenario occurs It might create various concerns. No need to worry here in this post you will learn the conversion steps and necessary insights. It is highly recommended to get expert surveillance for data conversion. Make sure you cover the basic knowledge related to both NetSuite and Intuit QuickBooks to know the significant protocols. Let’s delve into significant features of QuickBooks:
Better Tax Management:
QuickBooks contains exceptional options to run the actions to explore, calculate, track, and pay taxes related to the purchase or sales of services and products. It has a robust core that ensures automation, transparency, better tax management in a global environment.
You will get better depreciation management in an accounting period to ensure the flexibility of the asset.
There ample options available to breeze the workflow management. You can effectively allot any specific processes into QuickBooks. It is capable of transforming processes into simpler ones.
Improved Financial Reporting:
Availability of Convenient methods to create a financial statement to get a clear picture of the report! Also, provide grouping options to view data according to the categories like the classification of data like budget details.
Flexible Payment Acceptance:
Flexible payment acceptance permits the clients ease of payment. This option works automatically by making payment groups appropriate to the selected criteria.
Steps to Convert Transactions from NetSuite to QuickBooks
Follow the below mention steps to convert transaction from Netsuite to QuickBooks:
Step 1: Suitable Requirement Gathering:
The initial step is to determine the best suitable version of QuickBooks such as QuickBooks Pro, QuickBooks Premier, QuickBooks Accountants, or QuickBooks Enterprise solutions. After this choose the resource.
Step 2: Import NetSuite Data:
Here in this phase, you need to gather the compatible NetSuite records such as Transactions and Activities that can be converted into the QB supportable format to simplify the operation with historical information. It is expected that you have a valid QuickBooks License to work with the updated data. Hence according to the requirements enter the entries in the system.
Step 3: Data Migration Review:
Now you completed the process of data migration check whether all the reports you imported are available on QuickBooks.
What Records of NetSuite do You Convert into QuickBooks?
NetSuite Entities to QuickBooks:
NetSuite Activities to QuickBooks:
NetSuite Accounting to QuickBooks:
|Budget||Units of Measure|
|Revenue Recognition Schedule||Class|
|Revenue Recognition Template||Currency|
NetSuite Transactions to QuickBooks:
|Customer Deposit||Item Fulfillment|
|Credit Memo||Vendor Returns|
|Customer Payment||Vendor Payments|
|Bin Put away Worksheet||Intercompany Journal Entry|
|Cash Refund||Inventory Adjustment|
|Cash Sale||Item Fulfillment|
|Check||Item Demand plan|
|Work Order||Sales Order|
|Vendor Returns||Transfer Order|
|Customer Refund||Vendor Credits|
|Customer Deposit Application|
NetSuite Items to QuickBooks:
|Assembly items with a lot and serial numbered||Payment|
|Service for Purchase/Sale/Re-sale||Description|
|Other Charge for Purchase/Sale/Re-sale||Gift Certificate Item|
|Discount||Non-Inventory Item for Purchase/Sale/Re-sale|
|Inventory Item with serial and lot number||Download|
NetSuite Communications to QuickBooks:
NetSuite Miscellaneous to QuickBooks:
|Time Tracking||Expense Report|
NetSuite Web Site to QuickBooks:
NetSuite Tax Records to QuickBooks:
|Sales Tax Item||Tax Type|
NetSuite Customization to QuickBooks:
|Custom Lists, Record||Custom Record type|
NetSuite File Cabinet to QuickBooks:
NetSuite Marketing to QuickBooks:
|NetSuite Campaign Response||NetSuite Promotion Code|
What Types of items in NetSuite are not allowed to get converted in QuickBooks?
• The import of paychecks is incompatible in QuickBooks; they are converted as journal entries.
• Paychecks are being converted as the journal entries because QuickBooks is not compatible with them
• Information of Individual employee wage or deduction
• Transactions don’t have jobs linked to them.
• Custom templates
• Work Tickets
Can I convert NetSuite data to QuickBooks Premier?
Yes, you need to follow the correct data conversion steps to import data from the NetSuite accounting to QuickBooks Premier.
Can I convert Memos and Shipping methods in NetSuite data to QuickBooks online?
Yes, you can easily convert Shipping methods and Memos after data migration.
What types of NetSuite Activities are allowed to convert in QuickBooks?
• Phone call
• Project Task
What Challenges the user might face in NetSuite Accounting?
• It needs customization
• Require report generation