How do I import QuickBooks data into TurboTax Business?
Importing your information from QuickBooks saves time and minimizes data entry errors.
Before you begin:
- TurboTax Business 2015 only imports from software versions of QuickBooks 2010 and later.
- Although TurboTax Business won't import directly from QuickBooks Online, you can convert your company file to QuickBooks desktop before importing.
- The file you want to import must be in single-user mode.
- QuickBooks should be installed on the same drive as TurboTax.
- Your QuickBooks data should be on a local drive, not networked.
- QuickBooks should be registered.
- Update your business type in QuickBooks, if needed.
- Update both TurboTax and QuickBooks before importing.
- The QuickBooks company file (.qbw filename extension) should have been opened at least once on the computer you're using to import (no need to leave it open during the import).
- A QuickBooks Administrator must do the import.
See Import QuickBooks data into TurboTax at the QuickBooks Support site for more information.
- Open your return in TurboTax Business.
- In the upper right corner, search for quickbooks (one word) and click Find.
- Click Continue and follow the on-screen instructions to import.
Caution! Changing information you imported from QuickBooks may come back and haunt you later, for example if you are audited and have to explain why the numbers on your return differ from the original data source.
For this reason, it's best that you update your data in QuickBooks before importing so that your books match your tax return.
If you've already imported from QuickBooks, you can re-import the updated information by selecting the replace option when prompted.