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What is the best step by step method to get up and running with the correct data in OneSource? – OneSource: Inventory for QuickBooks Online What is the best step by step method to get up and running with the correct data in OneSource? – OneSource: Inventory for QuickBooks Online

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What is the best step by step method to get up and running with the correct data in OneSource?

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NOTE: This topic illustrates several steps to follow in a particular order.  The narrative follows the assumption that you are starting from scratch re-entering all data that you care to use in OneSource (such as customers, inventory items, open invoices, etc).  On the other hand, if you have opted to purchase a partial or full data conversion service (for your Customers, Suppliers, Inventory items, etc) it is still highly recommended that you review this topic to double-check your data integrity and system configuration.

The following list covers important steps to perform to get up and running with the correct settings, inventory levels, bank account balances, and GL balances in OneSource:

  1. Create User account records.

    1. User Accounts: Set up a user account for each active or inactive user that will use, or be referred to, in any part of the system using the User Security form. (Note: Technically this does not need to be done first if this is not a concern to you).

    2. User Rights: If user security is of high importance in your organization, you may want to set up and assign the various user security rights and restrictions using the User Security form before proceeding on with the rest of the setup steps

  2. Set up your General Ledger account records.

    1. Create New GL Accounts: Setup all necessary General Ledger (GL) accounts using the Chart of Accounts form

    2. Setup other GL account settings: You may want to set up and assign various General Ledger Report Groups, GL Cash Flow Groups, and GL Divisions (if applicable).  (If preferred, the additional GL account settings can be set up at a later date and time)

  3. Setup your Supplier & Vendor records.

    1. Company Setup & Preferences: Setup the following defaults and lists using the Company Setup & Preferences form:

    2. Record Numbering: Determine and set up the default method that new Supplier & Vendor record numbers will be created (sequentially or manually) on the Record Numbering tab

    3. Preparing the Terms of Payment List: Add any Terms of Payment that are currently offered to you to the Terms of Payment list on the Drop Down Lists tab

    4. Preparing the Ship Via list: Enter all methods of shipment that will be used in your Supplier and Vendor records

    5. New Supplier Record Defaults: Assign a default value to each of the desired default values that will be auto inserted each time a new Supplier or Vendor record is created.  These defaults are set up on the Suppliers tab

    6. Entering Supplier & Vendor records: (If necessary) enter all Supplier and Vendor records that you will use in OneSource

    7. Double check your data (after manually keying in record info or importing the data into OneSource)

  4. Setup your Customer and Prospect records.

    1. Company Setup & Preferences: Setup the following defaults and lists using the Company Setup & Preferences form:

    2. Record Numbering: Determine and set up the default method that new Customer and Prospect numbers will be created (sequentially or manually) on the Record Numbering tab

    3. Edit the Terms of Payment List: If necessary, add any additional Terms of Payment that you offer to your Customers and Prospects on the Terms of Payment list on the Drop Down Lists tab

    4. Edit the Ship Via list: If necessary, enter all methods of shipment that will be used in your Customer and Prospect records

    5. New Customer Record Defaults: Assign a default value to each of the desired default values that will be auto inserted each time a new Customer or Prospect record is created.  These defaults are set up on the Customers tab

    6. Entering Customer & Prospect records: (If necessary) enter all Customer and Prospect records that you will use in OneSource

    7. Double check your data (after manually keying in record info or importing the data into OneSource)

  5. Setup your Inventory Item records.

    1. Company Setup & Preferences: Setup the following defaults and lists using the Company Setup & Preferences form:

    2. Perpetual Inventory (This should more than likely be turned off, initially).

    3. Inventory Categories, Sub Categories

    4. Inventory Sub/Sub Categories

    5. Inventory Search By option

    6. Inventory Decimal Places for Quantities

    7. Inventory Decimal Places for Pricing

    8. New Inventory Defaults

    9. Enter Inventory Item Records: (If necessary) enter all Inventory Item records that you will use in OneSource for Quotations, Sales Orders, Invoices, and Credit Memo’s

    10. Double check your data (after manually keying in record info or importing the data into OneSource)

  6. Re-enter open (or previously open) Purchase Orders (PO’s).

    1. NOTE: When the Perpetual Inventory option in the Company Setup & Preferences form is turned on, the Quantity in Stock field on the Inventory Management form is automatically increased each time an item is received on a Purchase Order (and decreased each time an item is shipped on a Sales Order).

    2. NOTE: If you have purchased data importing services for your Inventory Items list, a single line item (displaying the final quantity in stock listed in your old accounting system) has most likely been created for you in the In Stock tab of the Inventory Management form.  If you are planning to enter your own beginning inventory levels by hand, please follow the instructions on how to enter your initial Inventory Levels without adversely affecting your GL.

    3. When your Initial Inventory levels have been correctly entered, the trick is to enter all PO’s that have not been received (or that have been received after discontinuing use of your older system) without making your current inventory levels inaccurate.  This can be accomplished by performing the following steps (in order):

      1. Turn off the Perpetual Inventory option.

      2. Turn off your Purchase Order numbering.

      3. Re-enter (but do not receive or mark as received) all Purchase Orders that have one or more line items that have not been received (or that were only partially received) on the date that you stopped using your older system.  (Note: This step and the following step can be combined into one if you prefer).

      4. Before turning the Perpetual Inventory option back on, receive (by entering the quantity received in the Qty Rec field) all items that had been partially, or completely, received prior to discontinuing the use of your older system.  This will mark the items received without allowing the received items from improperly increasing the inventory levels–since they have already been included in the original initial inventory level/quantity entering in one of the steps above.  (Note: It is not uncommon for this to be none).

      5. Turn the Perpetual Inventory option back on.

      6. Receive all line items, on all PO’s, that have been physically received after you stopped using the older system. If the quantity received is less than the quantity ordered, and your plan to receive the rest of the shipment at a later date, enter the quantity received.  If desired, you may wish to create PO Back Orders for all PO’s that have one or more items that were not received at all or that were only partially received.

      7. When you are finished entering all of your existing open PO’s, you may want to re-enable the automatic numbering for your Purchase Orders.  You may want to consider entering a new, higher starting number for all future PO’s.

  7. Re-enter open (or previously open) Sales Orders.

    1. Like the process with the PO’s, in order to keep your recently updated inventory levels accurate, you will need to temporarily turn off the Perpetual Inventory option.

    2. Re-enter (but do not change the Qty Sh field) all Sales Orders that had one or more line items open (unshipped) when you stopped using your older system.

    3. Ship (by marking as shipped using the Qty Sh field) all Sales Order line items that had been shipped prior to discontinuing the use of the older system.  This will prevent previously shipped items from double depleting from your current inventory levels.

    4. Turn the Perpetual Inventory option back on.

    5. Ship (by marking as shipped using the Qty Sh field) all Sales Order line items that have been shipped since discontinuing the use of your older system.

    6. Recreate Inventory.

  8. Re-enter all Invoices that are (or were) open (unpaid) as of the Final Cut Over Date.  Be sure to follow the instructions for entering special balance forward invoices.

  9. Convert all shipped or partially shipped Sales Orders into Invoices.
  10. Re-enter all Bills (Vendor or Supplier Invoices) that are (or were) open (unpaid) as of the Final Cut Over Date. Be sure to follow the instructions for entering special balance forward bills.
  11. Setup and update your Bank Account(s)
    1. If necessary, create a new Bank Account.

    2. Enter a new beginning balance (which will put money into your checking account AND create an initial GL Cash Account balance at the same time).

    3. Enter all uncleared ChecksDeposits, and Adjustments to the checking account that you are updating–that are already part of, or included in, the ending Balance Sheet from your previous accounting system.  NOTE: This is probably all uncleared transactions prior to the ending Balance Sheet cutoff date.  These need to be prevented from being posted in OneSource again–to prevent a double posting of these items.  You can accomplish this by entering the same Cash/Banking Account GL account on the line item section below.  This will, in effect, wash or offset the posting back to the same value.

    4. Now enter the rest of the uncleared ChecksDeposits, and Adjustments to the checking account that is NOT reflected in the final Balance Sheet balance from your previous accounting system. Be sure to now enter the proper expense account so these additional deposits, checks, and adjustments can be properly accounted for when these items are posted to the GL at a later time.

    5. As needed, reconcile your checking account.

  12. Enter and post an initial Beginning Balance Journal Entry.  (This will get OneSource started out with an accurate Year to Date Income Statement (Profit and Loss) and a properly balanced Balance Sheet).
  13. Review and familiarize yourself with each of the Company Setup & Preference options (and make changes to the settings as necessary).
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