This guide is for bookkeepers and accountants who know QuickBooks Online and now work in a company that uses VersaCloud ERP. It lists the QuickBooks terms you use every day, the name VersaCloud uses for the same thing, and where to find it in the menu.
Most of your work carries over. VersaCloud has invoices, bills, payments, bank imports, reconciliations, journal entries and the standard financial statements. The differences are mostly in names, in where things sit in the menu, and in one habit: in VersaCloud, most documents are posted to the books as a separate step. The section Things that work differently below explains this.
Who this guide is for
- Outside bookkeepers and accountants who look after a VersaCloud company.
- In-house finance staff who are moving from QuickBooks Online.
- Support and implementation staff who answer "where is it in VersaCloud?" questions.
What you see in the menu depends on your permissions and on the features your company has turned on. If an item in this guide is missing from your menu, see If you cannot find something at the end.
How to read the menu paths
Menu paths follow the main menu, then the heading inside it, then the item. For example, GL > Chart of Accounts > Cash Accounts means: open the GL menu, look under the Chart of Accounts heading and choose Cash Accounts. Settings items are under Setup > Company. The paths in this guide follow the side menu; if you use the top menu layout, some headings are worded slightly differently.
Always check that the right entity (company) is selected before you start. Each entity has its own books.
Navigation and everyday terms
| In QuickBooks Online | In VersaCloud | Where to find it |
|---|---|---|
| Accounting (menu) | GL | Main menu: GL |
| Company file | Entity | Entity selector at the top of the screen |
| Vendors | Suppliers | Suppliers > View Suppliers |
| Customers | Customers | Customers > View Customers |
| Products and services | Products (or Services, for subscription companies) | Products > View All Products |
| Bundle | Kit | Products > Kits > View All Kits |
| Estimate | Quote | Sales > Quotes > New Quote (companies using subscriptions see a Contracts menu instead of Sales) |
| Class, Location | Dimensions | Setup > Company > Dimensions (when your company uses them) |
| Terms | Payment Terms | Setup > Company > Payment Terms |
Banking
| In QuickBooks Online | In VersaCloud | Where to find it |
|---|---|---|
| Bank transactions (bank feed) | Bank Imports for a cash account (the screen is titled Imported Transaction Listing) | GL > Chart of Accounts > Cash Accounts, then Bank Imports in the account's Imported Transactions column (shown once the account has imported or connected bank lines) |
| Post, or Add (a bank line) | Post, on each line (Batch Auto Post is offered for Shopify and Amazon payout lines) | On the bank imports list |
| Match | Match and Hide, shown when a similar posted transaction is found | On the bank imports list |
| Bank rules | Add this as a rule to a bank playbook, when your company uses bank playbooks | On the bank imports list |
| Connect a bank account | Connect via Plaid (when available for your company), or import a bank file | GL > Chart of Accounts > Cash Accounts |
| Reconcile | New Reconciliation | GL > Reconciliations > New Reconciliation |
| Reconciliation reports | Reconciliations list | GL > Reconciliations > View All |
| Account register | Account transaction detail for one account | GL > Chart of Accounts > Cash Accounts, then View in the account's Transactions column |
Sales and money in
| In QuickBooks Online | In VersaCloud | Where to find it |
|---|---|---|
| Invoice | Invoice | Invoices > New Invoice or View Invoices |
| Receive payment | Receive Payment | Invoices > Receive Payment |
| Sales receipt (money in without an invoice) | Receive Misc Payment (posts to accounts you choose; it has no product or sales tax lines) | Invoices > Receive Misc Payment |
| Payments to deposit (Undeposited Funds) | Undeposited Funds | Invoices > Receipt Batches > Undeposited Funds |
| Bank deposit | Receipt batch | Invoices > Receipt Batches > List Batches |
| Credit memo | An invoice with negative amounts | Invoices > New Invoice |
| Send or print invoices in bulk | Batch Email/Print | Invoices > Batch Email/Print |
Purchases and money out
| In QuickBooks Online | In VersaCloud | Where to find it |
|---|---|---|
| Bill | Bill | Bills > New Bill or View All Bills |
| Pay bills | Make Payment, or a payment batch for many bills | Bills > Make Payment or New Pmt Batch |
| Bill payment list | Payments | Bills > View All Payments |
| Check, or Expense (paid on the spot) | Check/Misc. Payment ("Cheque" when your company's home currency is not US dollars) | GL > Checks/Misc Payments > New Check/Misc. Payment |
| Vendor credit | A bill with negative amounts | Bills > New Bill |
| Expense (employee claim) | Expense | Expenses menu (see the note below) |
A note on "Expenses": in VersaCloud, the Expenses menu is for employee expense claims and receipts. To record a purchase that was paid straight away, use a Check/Misc. Payment or post the line from the bank imports list.
Accounting and month-end
| In QuickBooks Online | In VersaCloud | Where to find it |
|---|---|---|
| Chart of accounts | Chart of Accounts | GL > Chart of Accounts > List All |
| Account type and detail type | Account Type and Account Subtype | On each account |
| Journal entry | New Transaction | GL > New G/L Entry > New Transaction |
| Saved but unposted journal entries | Draft Transactions | GL > New G/L Entry > Draft Transactions |
| Recurring journal entry | Make Recurring | On a saved draft in Draft Transactions |
| Reusable journal entry template | Save This For Reposting | On the journal entry form |
| Transaction list, Journal report | List Transactions | GL > List Transactions > View All |
| Transfer between accounts | A journal entry between the two cash accounts | GL > New G/L Entry > New Transaction |
| Close the books (closing date) | Close each fiscal period | Setup > Company > Fiscal Periods |
| Audit log | Events, and the history on each document | Setup > Company > Events |
Reports
Financial statements are under Reports > Financial Reports. Choose the report in the Report list and pick the period. Your company may also have its own versions of these statements in the same list. Other reports are under Reports > View Reports, grouped by category.
| In QuickBooks Online | In VersaCloud | Where to find it |
|---|---|---|
| Profit and Loss | Income Statement (default) | Reports > Financial Reports |
| Balance Sheet | Balance Sheet (default) | Reports > Financial Reports |
| Statement of Cash Flows | Statement of Cash Flows (default) | Reports > Financial Reports |
| Trial Balance | Trial Balance | Reports > Financial Reports, with the Report list left on Trial Balance |
| Profit and Loss by Month, Profit and Loss Comparison | Comparative Financial | Reports > Comparative Financial |
| General Ledger, Transaction Detail by Account | Account Transaction Details | Reports > View Reports, Financial Reports category |
| A/R Aging Summary | Aging Reports, or Aging Reports (As Of) | Invoices > Reports > Aging Reports |
| A/R Aging Detail | Aged Receivable Details | Reports > View Reports |
| A/P Aging Summary | Aging Reports | Bills > Reports > Aging Reports |
| A/P Aging Detail, Unpaid Bills | Aged Payable Details | Reports > View Reports |
| Sales Tax Liability | Tax Report, or Sales Tax On Invoices | Invoices > Reports > Tax Report, or Reports > View Reports |
| 1099 reports | Generate 1099 Forms, and Payment by Supplier | Reports > Generate 1099 Forms (when 1099 reporting is on and you have the Financial Reports permission), or Reports > View Reports |
| Sales by Customer | Sales by Customer | Reports > View Reports |
| Sales by Product/Service | Sales by Products and Services | Reports > View Reports |
| Deposit Detail | Deposit Report | Reports > View Reports |
| Check Detail | Payment Disbursements by Checks | Reports > View Reports |
| Inventory Valuation Summary | Inventory Quantity On Hand | Reports > View Reports |
From the Trial Balance and the financial statements you can click an amount to see the transactions behind it.
Things that work differently
Most documents are posted to the books as a separate step
In QuickBooks Online, saving a transaction puts it in your books. In VersaCloud, most documents are saved first and posted as a separate step: invoices, bills, bill payments, checks and misc. payments, bank lines and journal entries. Some are posted for you: a payment saved with Receive Payment is posted straight away, and your company may post invoices automatically when shipments are posted.
Unposted items do not appear in the financial reports. If a total looks too low, check for unposted items first: the Unposted filter on View Invoices and View All Bills, Unposted Check/Misc. Payments, Draft Transactions and the bank imports list.
Correcting a posted entry
In QuickBooks Online you edit or delete a transaction. In VersaCloud you correct a posted entry by unposting it, changing it and posting it again, or by posting a correcting journal entry. Unposting needs the Unpost GL Transaction permission and an open period, and a record of the change is kept. Ask your company administrator for this permission if you will be making corrections.
Each month is closed on its own
QuickBooks Online uses one closing date. VersaCloud closes each fiscal period separately in Setup > Company > Fiscal Periods. Nothing can be posted into a closed period. If you need to post into a closed month, a Firm Admin must reopen that period first.
The Effective Date on invoices and bills
Invoices and bills have an Effective Date as well as the document date. The effective date is the date the entry counts in the books. If it is left blank, the document date is used.
Financial reports use the accrual basis
QuickBooks Online lets you switch any report between cash and accrual basis. VersaCloud financial reports are prepared on the accrual basis.
No bulk reclassify screen
QuickBooks Online has a Reclassify transactions tool for changing the account on many lines at once. VersaCloud does not have an equivalent screen. To move amounts to the right account, unpost and correct the entries, or post a journal entry that moves the amount.
If you cannot find something
- The menu item is missing: your user may not have the permission for it. Ask your company administrator. For example, the GL menu needs GL Posting, GL Setup, Manual GL Transactions or Firm Admin; the Reports menu needs Reports; and Financial Reports needs the Financial Reports permission.
- A report is missing from View Reports: each report category and some reports need their own permission, such as Sales, Purchasing, Accounts Receivable or Accounts Payable. Ask your administrator.
- Financial Reports is not in the Reports menu: Financial Reports, Comparative Financial, Consolidated Financial and Generate 1099 Forms are hidden from the side menu while the entity is connected to QuickBooks Online through the integration.
- Dimensions or 1099 items are missing: these appear only when your company has turned the feature on.
- The numbers look wrong: check that the right entity is selected and that the documents are posted.
- A posting is refused because of the date: the date falls in a closed fiscal period. Use a date in an open period, or ask a Firm Admin to reopen the period.
Related articles
- Reconciliation of Bank Accounts
- Creating Manual GL Transactions
- Reporting in VersaCloud ERP
- Month-End Financial Close
- Set up Versa with Intuit QuickBooks Online, if the company keeps QuickBooks Online connected
Tips
- Start each session by checking the selected entity.
- Before running month-end reports, clear the unposted lists: bank imports, Draft Transactions and unposted invoices and bills.
- Use Account Transaction Details as your general ledger. Filter it by account range and date.
- Use Comparative Financial when you want this month next to last month or last year.
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