What Data Can Be Migrated from NetSuite to QuickBooks Online?

Here's a comprehensive overview of the migration process, including challenges and solutions.

Transferable Data Types

The following data types can typically be migrated from NetSuite to QuickBooks Online:

1. Chart of Accounts
2. Customers and Vendors
3. Products and Services
4. Open Invoices and Bills
5. Journal Entries
6. Financial Transactions
7. Bank and Credit Card Accounts
8. Basic Inventory Items

Data That Can't Be Migrated Directly

Due to the differences between NetSuite (an ERP system) and QuickBooks Online (a core accounting solution), some data types cannot be directly migrated:

1. Custom Fields and Forms
2. Advanced Inventory Data (e.g., bin locations, lot numbers)
3. Project Management Data
4. CRM Data
5. Advanced Reporting Structures
6. Workflow Rules and Automations
7. User-defined KPIs and Dashboards

Workarounds for Non-Transferable Data

While some data can't be directly migrated, there are workarounds:

1. Custom Fields: Use QBO's custom fields feature, though more limited than NetSuite's.
2. Advanced Inventory: Consider third-party inventory apps that integrate with QBO.
3. Project Management: Explore project management apps in the QBO app store.
4. CRM Data: Look into CRM solutions that integrate with QBO.
5. Advanced Reporting: Utilize QBO's reporting features and consider add-on reporting tools.

Handling Complex NetSuite Structures in QBO

Multi-Entity, Department, and Location Setup

NetSuite's multi-entity, department, and location features don't have direct equivalents in QBO. Here's how to approach this:

1. Entities: Use separate QuickBooks companies for each legal entity. For consolidated reporting, consider third-party tools or manual consolidation.
2. Departments and Locations: Utilize QBO's Class and Location tracking features. Map NetSuite departments to QBO Classes. Use QBO's Location tracking for physical locations.
3. Implementation Steps: List all NetSuite entities, departments, and locations. Decide which entities need separate QBO companies. Create a mapping document for departments to classes and locations. Set up Classes and Locations in QBO before data migration. Train staff on the new structure and how it correlates to the old NetSuite setup.

Multi-Currency Transactions

QBO supports multi-currency, but the setup differs from NetSuite:

1. Enable Multi-Currency: Activate multi-currency in QBO settings before migration.
2. Currency Conversion: QuickBooks uses a single exchange rate per currency per day, unlike NetSuite's more flexible approach. Historical rates need to be manually entered or imported.
3. Handling Steps: List all currencies used in NetSuite. Enable these currencies in QBO. Export historical exchange rates from NetSuite. Import or manually enter these rates into QBO. For complex currency scenarios, consider using a third-party forex tool that integrates with QBO.

Migration Process Overview

1. Data Audit: Review all data in NetSuite. Identify what can be directly migrated and what needs workarounds.
2. QBO Setup: Set up company structure, classes, locations, and currencies in QBO.
3. Data Cleaning: Clean and standardize NetSuite data before migration.
4. Data Mapping: Create a detailed mapping document for accounts, classes, and other structures.
5. Migration: Use QBO's data import tools or third-party migration services. Start with the chart of accounts, then move to master data (customers, vendors), and finally transactional data.
6. Verification: Thoroughly check migrated data for accuracy. Run parallel systems for a short period if possible.
7. Training: Train staff on new QBO processes and any structural changes.

Conclusion

Migrating from NetSuite to QuickBooks Online requires careful planning and decision-making. While core financial data can be migrated relatively easily, complex structures and advanced features in NetSuite need thoughtful consideration and often creative solutions in QBO. The key is to focus on essential accounting needs and leverage QBO's app ecosystem for additional functionality.

Remember, the goal is not to replicate NetSuite in QBO, but to create an efficient, streamlined accounting system that meets your current business needs. With proper planning and execution, the transition can result in a more cost-effective and manageable financial system.