You have now reached a very critical stage in conversion to QuickBooks desktop process. Even if you’ve followed all the steps, you can’t pass this final stage in the desktop.
Please give this a try if you’re getting the following error:
The “Convert Now” button (it fails at step 4) stage and get the error from QuickBooks Pro Desktop: “QuickBooks already has a company file open…”
All these steps are probably not necessary, but it’s what worked in some test.
1. Open a Sample company, select a Services-based sample company
2. Close the company and go back to the No Company Open screen
3. Click the menu bar Help –> Activate QuickBooks Desktop (this may need to do this but did it anyway)
4. Click the Activate button
5. Close the “We just need to verify your identity to activate” browser window, return to the No Company Open screen
6. BIG HOPE!!! Start the conversion process again with QBO. Again, hopefully, it will work with no error message!
Inventory feature in QuickBooks Desktop can track the current number in stock and the value of your inventory after every purchase and sell the items to your customers. With QuickBooks Desktop Premier or QuickBooks Enterprise versions, you can even keep track of products you assemble and resell (finished goods), adding assembled units to inventory and deducting component units from inventory when you build assembly items.
To start with, you may want to be familiar with these basic steps related to questions about Tracking Inventory in QuickBooks:
1) To turn on Inventory: Go to Edit menu at the top > select Preferences > choose Inventory & Items > Company Preferences > checkbox “Inventory & Purchase Orders are active” > click OK.
2) Create Inventory Items: Go to Lists menu at the top > Items List > Select Item tab at the bottom > click Item (or drop-down arrow) and select New > Type = Inventory Part and create a new item.
These three fields are important to set up inventory items. See screenshot sample.
For COGS Account field = Cost of Goods Sold account type from the Chart of accounts
For Income Account field = Income account type from the Chart of Accounts
For Asset Account field = Inventory Asset account which is part of the Other Current Asset on the Chart of Accounts
You do not want to put in On Hand/Total Value info here.
3) For adding purchased Inventory items: Use Enter Bills under Vendor menu at the top or Write Checks menu under Banking at the top. Always use ITEMS tab, never Expenses tab.
4) For selling Inventory items: Create Invoice (or Sales Receipt). Use ITEM Code in the sales form. This will also automatically post COGS to P&L by reducing inventory counts.
If you need more info, you can always click HELP menu at the top and select QuickBooks Desktop Help and type INVENTORY HELP in the search field. If interested, you can also watch my famous how to inventory video tutorials on YouTube.
QuickBooks Desktop Part 10: Inventory – All you need to know about QuickBooks Inventory
Attaching documents in QuickBooks desktop shouldn’t affect the performance of the software. They are saved on the computer hard drive in a separate folder, and they are not included in a back up of the QuickBooks company file either so that backup file does not grow either. All attaching does in QuickBooks, is to enter a pointer to the hard drive location for the attachment folder.
If you experience slowness with QuickBooks, there may be other reasons like due to a large company file or network issues.
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