For the purpose of migrating the open transactions in QuickBooks, follow the steps:
- Export the A/R Ageing Detail and A/P Ageing Detail report to identify the transactions to be exported as open transactions. We can customize the reporting by adding the additional columns
- We can refer the Journal report for identify the accounts to be associated with the open transactions in their foreign currency and exchange rate
- The transactions are to be imported to NetSuite in their foreign currency amount. The exchange rate should also be provided to get the accurate GL amount. The more decimals we use in exchange rate, the more accurate GL amount will be.
- We need the proper mapping of QuickBooks COA to the NetSuite COA.
- Compare the QB Trial Balance figures with that of the NetSuite Trial Balance to identify discrepancies, if any.
- Intercompany transactions need to be specially noted and the NetSuite treatment of the same should be adopted.