Limitations of converting to Exact
Please understand that it is impossible to make an exact copy of your data in a different accounting system. There will be some information that we can't convert and some information will look different when converted. You can be confident, however, that your financial data will be accurate overall. Expand any of the topics marked with "+" to read more about them.
Data which includes foreign currencies will be converted in the same way as other data. However, all foreign currency amounts will be translated to the home currency values.
Factors specific to QuickBooks, and beyond our control, usually mean the conversion result is not completely accurate. We cannot therefore support fixing your conversion and you will need to accept the conversion results "as is".
For more information please refer to our Foreign Currency conversion page.
What data will be converted?
We will transfer the following data to Exact:
- Customer Details
- Supplier Details
- Chart of accounts
- Account balances
- Customer balances
- Supplier balances
- Custom VAT Rates
- Transactions only within the period requested
Best attempts will be made for matching fields between software systems when converting to Exact. Some fields may not be converted where Exact's API does not provide the means to do so.
It's not possible for Movemybooks to provide custom mappings for any fields.
What data won't be converted?
We only currently convert the core accounting information and not the following types of data:
- QuickBooks Classes
- Stock/Inventory Items
- Product/Sales Items
- Sub-account structure of the chart of accounts (Exact has no sub-accounts)
- Fixed Asset Registers
- Sales and Purchase Orders
- Quotes/Estimates/Draft invoices or bills
- Memorised Transactions
- Default nominal codes, payment terms or tax rates
- Custom VAT rates (see workarounds used)
- Invoice and other Templates
- Timesheets/Time Records
- Payroll and Employee Records
- Accounts that have never had any transactions
- VAT journals made to non-system accounts
- Transactions after the "Convert To" date
- Deleted or cancelled transactions
- Nil value invoice line items
- Sage project data
- File attachments
Transaction types we can't convert
There may be transaction types that we can't convert. We will try to create transactions in Exact that match as closely as possible the transaction in the original software, although sometimes we may have to use a different transaction type.
Bank and Credit Card
Credit card charge transactions are converted as transaction type Payment.
Credit Card and PayPal accounts can only be converted as Exact Bank Accounts. Credit card bank feeds may not be available.
Transactions with EC VAT or unusual VAT transactions will be converted as closely as possible but are likely to be different. We may use a different rate of VAT or No VAT and then add an adjustment to correct the VAT amount if necessary. This could result in some boxes in VAT Returns being different even if the Balance Sheet amount to be paid or refunded is correct.
System VAT accounts will be merged or split to become separate sales and purchase VAT accounts as required by Exact.
For more information please refer to our VAT Returns Don't Agree page.
Receivables and Payables
If you have multiple Accounts Receivable or Accounts Payable accounts in your QuickBooks desktop chart of accounts then these will be merged into one single Accounts Receivable and Accounts Payable account in Exact.
No Name transactions
Where journals in the source software have been entered to control accounts without a contact, we need to create No Name contacts to convert them.
Transactions with unit amounts to more than two decimal places will be entered as the line item total.
Things you may need to tidy post-conversion
We will attempt to provide details of our recommended post-conversion tasks but below is a summary. If performing a foreign currency conversion there may be additional tasks you wish to complete. Please refer to the foreign currency section above for more information.
Reconciling bank transactions
We are unable to mark all bank transactions as reconciled during our conversion process. Once your conversion is complete, you may need to mark some bank transactions as reconciled, leaving only the unpresented items as unreconciled and agreeing with the statement balance.
Check the VAT Codes and mapping for each of your chart of accounts items and VAT rates
Our software tries to work out what the VAT Codes for each account should be, based on the transactions posted to that account in your data, but you should check and amend them if needed before working in your new Exact company.
You will also need to map which VAT rates should populate which boxes in the VAT Return.
Filing VAT Returns
Returns for earlier periods may need to be "filed" in Exact, to make sure that old transactions do not appear in the next VAT Return report. You should check the first VAT return you produce in Exact carefully, to ensure that the numbers are as you would expect.
Allocating payments to invoices or bills
Due to some of the above mentioned workarounds and restrictions it may be that we've been unable to allocate payments to all invoices or bills. Balances owing by customers or owing to suppliers will be correct despite the possibility of some invoices not showing as paid. A transaction with journals equivalent of the payment will have been entered but not allocated.