I owe a big thanks to my friend and colleague, business manager Craig Shenkler, of Ceres Financial Management. I had lunch with Craig today and he alerted me to a feature in QuickBooks about which I was not aware. This feature is a HUGE (and I mean mega-HUGE) productivity tool. I was under the mistaken assumption that only list data could be imported into QuickBooks via Excel. I was familiar with some third-party QuickBooks Marketplace vendors who developed software that can transfer transactions between QuickBooks company files. In fact, I used a program once to move data from one company to another. But the process was clunky, user-un-friendly, time-consuming, finicky and wrought with many peculiarities that made the whole process unwieldy.
Enter the QuickBooks batch transactions application. This feature, available in the Accountant’s Edition of QuickBooks Enterprise Solutions, is a tool whereby transactions in one QuickBooks company file may be transferred into a second QuickBooks company file via Excel. The tool is invaluable for bill-back activity. I tested the program today and it was remarkable. The actual execution of the app is a breeze. I set up a test run and successfully transferred over 100 transactions from Company A to Company B in under 5 minutes. The application uses Excel as the intermediary buffer to hold the data. Transactions (in this case I tested the app with credit card data) are exported from Company A into Excel. This is accomplished via the standard CREATE EXCEL SPREADSHEET. Then the data in the Excel spreadsheet is copied into a temporary spreadsheet within QuickBooks Company B – a simple cut and paste. The date, vendor name and amount transfer without complication. The account category may require editing, depending upon how mirrored the chart of accounts are between the two company files. The transactions are then edited (primarily to revise account categories) and with one click all of the transactions are recorded in the new company. The feature worked flawlessly.
This app will eliminate the duplication of effort associated with entering detailed transactional data twice: once in the primary company file and a second time in the secondary file. It will save many labor hours of manual input each month. The program is especially useful for entertainment industry clients – in moving expenditures from their personal books to their loan-out companies. Kudos to Craig for his relentless pursuit of productivity in accounting.