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Working with your upgraded company file in QuickBooks

This article is for people who have upgraded from QuickBooks 2006 (or earlier).

Now that you have upgraded you can begin using your new version of QuickBooks. However, there are new features, and improvements to existing features that may make QuickBooks seem unfamiliar to users of older versions of QuickBooks..

We have highlighted a few of the improvements below. QuickBooks 2010 was the first year of major changes in QuickBooks. Newer versions of QuickBooks, like QuickBooks 2012, will function much the same, so the videos and steps are applicable. If you would like more information, search the in-product Help for detailed step-by-step instructions and use the QuickBooks Online Community to discuss features with other QuickBooks users.

Multicurrency is back

The multicurrency feature will behave fairly similar to what you were used to in your previous version of QuickBooks. For more details on the new multicurrency feature, click here.

  • Exchange Rates now downloadable: When you upgrade your company file, QuickBooks sets the exchange rates to 1:1. Before you begin entering foreign transactions, you must download your exchange rates to update your currencies. To do this go to Company menu, select Manage Currency, and select Download Latest Exchange Rates.
  • Foreign Sales Price for items: This feature has been moved to Price Levels in the QuickBooks Premier Edition. For more details, click here.
  • Default VAT codes for customers and suppliers from different countries. Now assign a country specific VAT code to customers and suppliers from different countries. When you upgrade your file, you should check these VAT codes of your customers and suppliers. For more details, click here.
  • Home currency adustments: Home currency adjustments just got easier with the new Home Currency Adjustment feature. Instead of making General Journal entries yourself, go to the Company menu, select Manage Currency, then click Home Currency Adjustment.
  • Discrepancies in reports? When you upgrade your company file, you may notice that some of the balances in your reports don't match the reports in your previous version of QuickBooks. The reports are correct they are just being displayed differently.  For more information, click here.
  • Over 140 currencies: When your company file is upgraded, QuickBooks will set your five most used currencies as active. The remaining are set to inactive. To see the remaining currencies, you'll need to reset them to active.
  • Currency code: During conversion, QuickBooks maps your existing currencies to the 140 'default' currencies available in newer versions. If you did not use the standard 3-letter international currency code for currencies that you added in your previous file, QuickBooks will not be able to map it correclty. If you have custom currencies that do NOT use the standard 3-letter currency code, we recommend that you fix the currency codes so they use the standard letters, then convert your file again.

 

New features
  • New user interface: The user interface has been greatly improved from previous versions. The Home Page displays a complete workflow of your business's accounting process, from estimates to invoices to payroll. The QuickBooks Centres consolidate all the key information about your customers, vendors, and employees. We've also brought back the Company Snapshot.

    Company Snapshot brought back for QuickBooks (This feature was removed from the 2008 version). 

  • QuickBooks Server: When configuring multi-user access for a QuickBooks system, you can now install a standalone QuickBooks Server to host your company file. For more information, click here.

  • Edition Toggle: (QuickBooks Premier: Accountant only) Accountants can now toggle between any QuickBooks 2008 or later edition, such as QuickBooks SimpleStart, QuickBooks Pro, or an industry-specific version like QuickBooks Premier: Contractor. This lets accountants work with their client company files using exactly the same set of features that their clients will see. To toggle between different versions, go to the File menu and click Toggle to Another Edition.

  • Upgrade Centre: (available for people upgrading from 2006 or earlier) A new window that guides you through the next steps after upgrading your company file to version 2010 and newer.
     
  • Multiusers: QuickBooks now allows all users to run reports, backup data and even work on the same data... all at the same time. So there's no more need for Suzy to call up Tim and ask him to close out of QuickBooks. Everyone can work at once.
  • QuickBooks Messenger: You can talk with others who are working in the company file.
Changes in VAT

Read this faq for more details on the changes to VAT in QuickBooks.

  • Manage VAT: A new window that contains all your VAT activities in one place. You'll see it under the VAT menu; use it to manage all your VAT activities whether it is to change your tax codes, create a new tax, pay your VAT or run a crutial VAT report. It's all here.

  • VAT reports for previous sales tax periods: Due to changes in how VAT is tracked, the archived VAT 100 and VAT detail reports are not migrated over from QuickBooks 2006 and earlier. If you want to view these VAT reports in QuickBooks 2006 and earlier, open your company file in your previous version of QuickBooks. These reports, however, are brought forward from QuickBooks 2008 versions.

  • Resolving over / under paid sales tax: We've added a new Resolve your VAT window, to guide you through the steps to fix VAT amounts that QuickBooks has detected is 'not currently reported'. For more information on resolving sales tax amounts that are not reported or paid, click here.
  • Adjusting, filing, and paying VAT: It's now easier to make a VAT adjustment; you just enter the amount and link the adjustment to the correct line of the VAT return by selecting the appropriate VAT item.

    VAT items are new; they tell QuickBooks how much sales tax to charge and where to enter it on the VAT return. Typically, you'll have two VAT items (or VAT group items) for each VAT code: one for sales and one for purchases.

  • Registers: You can no longer enter &VAT; in registers. Use transaction forms instead, such as invoices, sales receipts, bills, or cheques, to record or edit transactions that include VAT.
Features moved to Premier edition
  • Units of Measure: The Units of Measure feature has been moved to QuickBooks Premier. In addition, QuickBooks no longer uses a separate "stocking" unit—the unit for items you have in stock will be the smallest base unit in the item's unit of measure set. For more details, click here.

  • Back Orders/Sales Orders and Inventory Assembly Items: These features have been moved to QuickBooks Premier. If you have QuickBooks Pro, you can work with existing sales orders and assembly items, but you cannot create new ones.

  • Foreign Sales Price: This feature, which was available in QuickBooks 2006 (and earlier), was moved to the Price Level feature. The Price Level feature is only available in Premier. For more details, click here.
Other enhancements / changes
  • Third-party and SDK applications: SDK 3.0CA applications such as the Customer Manager (which shipped with QuickBooks Premier in previous years) will not work with QuickBooks 2008 or later.

  • QuickFilter added to Customer and Supplier centres: With QuickFilter, you can just type the text you're looking for into the search box - and find the best-matched results fast. (Oh, and QuickFilter is also available in your "Item List", which is nice 'n' handy.)
  • Customised business forms and memorised reports: Forms customisation has been greatly improved. Because of this, however, if you are upgrading from version 2006 or earlier, memorised reports and customised business forms cannot be upgraded and will have to be recreated in QuickBooks. Also, report templates that were exported from a previous version of QuickBooks are incompatible with QuickBooks 2010. For more information, click here.

    We have created over 100 templates for forms and reports for you to download in to QuickBooks. You can download these templates from within QuickBooks, or you can go to this Website (www.quickbooks.co.uk/templates) to download them yourself.

  • Accountant's Copy: Accountant's Copy files saved in earlier versions of QuickBooks cannot be opened as an Accountant's Copy in QuickBooks 2010 and newer. You can either open the company file in the earlier version of QuickBooks or convert the Accountant's Copy to a regular company file. For more information, click here.

  • Discrepancies in reports? When you upgrade your company file, you may notice that some of the balances in your reports don't match the reports in your previous version of QuickBooks. The reports are correct they are just being displayed differently. For more information, click here.

  • Better Security with improved password functionality: You can prevent others from seeing your client's credit card information, set up further permissions in more areas of QuickBooks. Also, we've added a challenge question in case you forget your password. For more information about credit card protection, click here.



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