An accounting software stores sensitive company data like reports, invoices and statements. There is high risk involved while converting data from one accounting software to another. Therefore it requires utmost precision and accuracy. A trustworthy guide to this conversion can help you execute this task without any worries.
In this blog, you will get the necessary information and a step by step guide on how to undergo the conversion from Foundation to QuickBooks. These applications are poles apart in their approach to bookkeeping, and hence require great care.
Find the Shortcuts
- Foundation Introduction
- Why Should you Convert from Foundation to QuickBooks?
- Steps to Convert from Foundation to QuickBooks
- What are the Records you can Migrate from Foundation to QuickBooks?
Foundation is conventional bookkeeping software that provides facility for job accounting, project and construction management. Launched in 1985, it gradually became the leading construction accounting software in the United States. It is made with the database technology of Microsoft SQL server and offers multiple construction software base modules like Job costing, Payroll, General ledger, Po and subcontract etc to facilitate an organization’s day to day business needs.
Features of Foundation
What makes Foundation a powerful construction software is their multiple accounting and management tools. These features come together to help facilitate your business growth. Here is a list of features offered by Foundation:
- It provides a hassle free and precise payroll generation, despite multiple tax rates, wages and fringe charges
- The program can create detailed job costing and budget reports.
- General ledgers including income statements, cash flow reports and balance sheets can be prepared instantly.
- Purchasing and subcontracted labor can be tracked.
- Purchase orders, change orders and subcontracts can be organized.
- Pricing of items, stocks location, and material transfers can be managed.
- Account payable can be controlled using limits and alerts when costs go beyond purchase orders and receipts.
- You can scan, store, direct and approve documents like invoices all at one place.
- CPA can access financial and project reports, and allows you to manage over/ under billing, billing backlog, G/L materiality, overhead allocation and get gain fade analysis.
- Seamless coordination of contracts, dispatches, and inventory by field service managers.
- Automatically generates tax and compliance reports like the certified payroll report, ACA report, W-2s report, Minority compliance report etc and submits them on time.
- Job Center module provides easy access to project documents, RFCs, RFI, field logs and drawings.
- A wide range of integrations are supported such as HCSS , ConEst , winesT , OMAN , Sharpeshoft , Hard Dollar, ABC , ASA advantage , D4Cost , Comput-Ability , , payroll4construction , Corner Post , quotesoft , VERTIGRAPH , fasteast estimating software , Data Maxx Dynamic Systems , CREW STRACKS , acoprint , 401ktest , scale it , busybusy, LCP tracker, Econz , Carmel Software , Anytime collect , PEER ASSIST , PIRACLE, Visual Dispatch etc
Why Should you Convert from Foundation to QuickBooks?
It is obvious that as your business expands, so will be your need for better, much more efficient accounting software to manage the increasing demands of your company. You may realize that the features offered by Foundation might not be sufficient and converting your data to QuickBooks is a better choice. Let’s look into some of the features offered by QuickBooks:
- E – Banking Facility: QuickBooks has a online banking integration facility that allows you to update your transactions and statements automatically.
- Customizable Reports: Users can track the performance of their business by accounting reports that are customizable.
- Invoice Creation and Management: Professional and custom invoices, sales receipts etc can be quickly prepared. You can easily share them with customers and clients via email.
- Fast and Easy Tax Calculation: QuickBooks calculates taxes like services taxes, GST and VAT quickly.
- Flexible Payment Options: Recognition and handling of foreign currencies lets users trade in different currencies .It gets automatically updated to the current exchange rates. There are also in- built options for online payment methods.
- Multiple Editions: QuickBooks has dedicated editions for a range of business like manufacturing and wholesale, retail, nonprofit organizations apart and is not just limited to the construction industry .
- Application Support: QuickBooks has the ability to be integrated with some of the most widely used and acclaimed applications and services like Microsoft outlook, Microsoft excel and word, Gmail and many email clients that support SMTP.
Steps to Convert from Foundation to QuickBooks
- Finding a Suitable Product
The first step consists of determining which is the best QuickBooks product out of QuickBooks Online, Enterprise, Premier, or Pro. For this you can speak to an expert who will also guide you about the products your business needs like Field service management, point of sale system or Payroll.
- Import Data from Foundation
The second phase consists of gathering important company data that includes all records,(balance sheets, accounts payable and accounts receivable, payments and ledger, invoices) reports, transactions (ongoing and completed) from your Foundation software. It is then converted into a format compatible with QuickBooks.
- Training and Reviewing the Data Migration
Your conversion service provider would train your team in working with the new software. You can also use training modules and video to get accustomed with the new software.. After the process of data migration is complete, have a follow up to ensure all the data has been migrated to QuickBooks.
What are the Records you can Migrate from Foundation to QuickBooks?
List Type Items
|Chart of accounts||Employee list|
|Customer list||Item list|
Transaction Type Items
|Credit memos||Credit Card Charges|
|Customer Payments||Purchase orders|
|Vendor Credits||Item Receipts|
|Vendor Payments||Sales Orders|
|Credit card Credits|
Can I Convert Foundation Data to QuickBooks Desktop?
Yes, by following the appropriate data conversion steps, it is possible to import data from Foundations from Foundations to QuickBooks Desktop.
What are the General Drawbacks of Foundation?
Upgrading and purchasing requirements for some functions, limited number of people permitted for using the software online and slow working are some of the issues faced by the users.
Does QuickBooks Support Conversion of Vendor Payments and Sales Receipts?
Yes, you can easily import vendor payments and sales receipts in QuickBooks.