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Computerized Accounting

QuickBooks and GAAP

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Even though QuickBooks reports have numerous filtering and customization options, the program is not able to generate financial reports for compilation, review and audit engagements that meet SSARS No. 1 reporting standards.
There are two options available for GAAP financial statements from QuickBooks data without rekeying General Ledger balances:
Option 1: purchase a client write-up solution that imports data from QuickBooks. One word of warning, however, most of these solutions require the user create and customize reports in QuickBooks first and then print the reports to disk. This process creates ASCII files that can be imported into write-up programs. Although this can work smoothly, be aware that the process involves several steps and can be quite tedious to create accurate results. It involves the understanding of the way in which transactions were handled during data entry and errors may be difficult to detect.
Option 2: purchase Quickbridge, which is a bridging software that allows you to directly read QuickBooks files and transfer the information to several write-up packages such as ATB, ACCPAC Plus and Creative Solutions Write-Up Solutions.

Computerized Accounting Systems

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