Importing General Ledger into Quickbooks
Step 1. Entering Account Numbers
In order to properly export your daily or monthly general ledger for use in your accounting program, you first have to enter your account numbers in the system.
Under the Account Name field in the lower window, you will see a list of every account that your store currently uses. Simply fill in the first empty field (Account Number) with the corresponding listing from your chart of accounts.
(See: General Ledger Accounts for a detailed overview of each account type)
Some entries may have the same account number depending on your accounting setup. Make sure that every account that will be used is assigned a number, although unused accounts can be left blank (credit cards your store does not accept, for example).
Use the button to save your changes.
Step 2. Creating General Ledger Files
Your general ledger can be imported into quickbooks on either a daily or a monthly basis. The daily GL files are created automatically every time the store's day end is saved (see: Day End)
If you would rather create a monthly GL then while in the day end window, you will see a button at the bottom of the screen labelled "Create GL <month>" with the previous month listed. For example, if the current month is January, then the button will display as: . Selecting this button will export a general ledger for the month listed.
The date in the screenshot is March 1, therefore the Create GL button will create a ledger for the previous February . Please note that all day ends must have payment totals entered under the Payment Amount column for the file to be created properly.
You can also manually change the date of your day end screen in order to upload a general ledger from a previous month.
Step 3. Importing
In order to import the GL file into Quickbooks, first open your company file. Then select the file menu at the top left of the menu bar. Use the drop down menus to select Utilities, followed by Import, and then IIF Files.
You will be prompted to select an IIF file. By default, AmberPOS places its exported GL files into the GL_OUT folder inside your AmberPOS installation folder. (C:\Program Files (x86)\Pacific Amber\AmberPOS\GL_OUT if you are running Windows 7). The files end with .iif and are named according to the date they were created, either a specific day or an entire month, depending on how you prefer to import your information.
A list of GL entries ready for import. Daily GL files are named in YYYY/MM/DD format (for example 20120417.iif is the file for april 17, 2012), while monthly GL files are simply named with the month and year (such as February2012.iif). The 1- in front of the files signifies that these are the files for store number one.
//NOTE: If you forget to populate an account you may get an error when attempting to import the file. You can open the Text (.txt) or Excel(.csv) format of the file produced to the date to review the results.
The result will identify the name of the account that is missing an account number.
Quickbooks Account types:
- Asset (10000 – 19999)
- Current Asset (1000-1499) - Assets that you can easily turn into cash such as checking accounts, savings accounts, money market and CD accounts, accounts receivable and inventory.
- Fixed Asset (1500-1999) - Items with a minimum cost that you have to sell in order to generate cash. Example of this are automobile, equipment and land. Consult your accountant or tax preparer to determine the actual minimum cost that you should use to determine fixed asset.
- Liabilities (20000 – 29999)
Funds the company owe.
- Equity (30000 – 39999)
The account that represents the health of your business.
- Income/ Revenue (40000 – 49999)
Money that you get from your normal day to day business task such as sales revenue, professional fees, reimbursable expense or income for services rendered.
- Cost of Good Sold/ Job Costs (50000 – 59999)
These are the cost associated with your line of business. If you are a home builder, the job cost are whatever it cost you to build a home. Example are materials, subcontractor, and equipment rental including direct labor. If you sell product, this includes cost on inventory, raw materials, freight charges and any labor cost that you incurred to finish the product.
- Expense/ Overhead Costs (60000 – 69999)
Fixed costs your business have even if you run out of work. Examples include rent, telephone, insurance, and utilities.
- Other Income (70000 – 79999)
Income you earned outside of the normal business process like rent for a building you own, stock sale, insurance settlement and interest income.
- Other Expense (80000 – 89999)
Expenses that's outside of your normal business, such as a loss on the sale of an asset or stockbroker fees.
If you encounter an error that says "You must specify a sales tax agency for the sales tax account." please refer to the following article.