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Level 2
posted Feb 11, 2024 11:58:12 AM

Import Balance Sheet , Gain/Loss, General Ledger from Quickbook to TurboTax Business Desktop

2/11/24

Hi TurboxTax Guru,

 

A third part company will generate the the Balance Sheet , Gain/Loss, General Ledger for my small business (disregarded Partnership LLC) from Quickbook.  I am using "TurboTax Business Desktop" to prepare for my tax return.  I need to import the needed reports from Quickbook to TurboTax.  Do I have to install the Quickbook to my PC in order to import from Quickbook?  Or as long as the third party send me the reports in Quickbook format, I will be able to import the needed data in the reports to proceed?  If not ,i.e., I do not have Quickbook desktop, what's the solution?

Thank you and blessings!

 

 

0 1 726
1 Replies
Level 15
Feb 11, 2024 10:32:22 PM

having QB installed is a requirement based on a post from last year (12/2023)

  • QuickBooks should be installed on the same local drive as TurboTax (not networked) and need to be registered.
  • You'll need QuickBooks Administrator access.
  • The QuickBooks company file (.qbw filename extension) must be in single-user mode and should've been opened at least once on the computer you're using to import (no need to leave it open during the import).
  • QuickBooks for Mac data must be converted to Windows before it can be imported 
  • Be sure to update your QuickBooks data before importing, so that your books match your tax return.

 

 

 

without  QB installed, the only solutions are to get and install QB or get readable printouts - income statement balance sheet, general ledger and then starting from scratch enter all the information needed for the return.