Can I open a QB 2008 Premiere file in QB Pro 2008?

Posted by Michaels on March 7, 2009, 9:22 pm

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The reason I ask is my condo association just hired a management company
to handle our business including our accounting. We had been doing it
in house for many years on an older QB version.

Well this company uses QB Premiere 2008. We would like to be able to
check their work maybe quarterly so could we buy QB Pro 2008 and be able
to open this file, or would we need to have the exact same edition as
they use, namely Premiere?

Your answer could save us a couple of hundred dollars!

Thanks

Posted by Haskel LaPort on March 8, 2009, 2:05 pm

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> The reason I ask is my condo association just hired a management company

> to handle our business including our accounting. We had been doing it in

> house for many years on an older QB version.

> Well this company uses QB Premiere 2008. We would like to be able to

> check their work maybe quarterly so could we buy QB Pro 2008 and be able

> to open this file, or would we need to have the exact same edition as they

> use, namely Premiere?

> Your answer could save us a couple of hundred dollars!

> Thanks

If you are going to purchase a new version of QB then get QB Pro 2009 not
2008. You can also have them send you a PDF of certain reports such as the
General Ledger and you will not even need QB.

Posted by Laura on March 8, 2009, 6:13 pm

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> The reason I ask is my condo association just hired a management company

> to handle our business including our accounting. We had been doing it in

> house for many years on an older QB version.

> Well this company uses QB Premiere 2008. We would like to be able to

> check their work maybe quarterly so could we buy QB Pro 2008 and be able

> to open this file, or would we need to have the exact same edition as they

> use, namely Premiere?

> Your answer could save us a couple of hundred dollars!

> Thanks

Yes. Pro can open Premier files and vice versa as long as the programs are
the same YEAR. Pro and Premier all have the same database structure and can
open file using the other program.

Since this is a new management company I suggest that you start out by
checking their work monthly to make sure that you agree with how they are
classifying expenses. Every management company has their own style so
ironing out differences in the beginning is always a good idea. Relying on
reports, etc is not the same thing as looking at the actual file on a
regular basis. It also sets the tone that there is someone at the
association still overseeing their work. They might not like it but that is
the only way of insuring your funds are being used properly.

Posted by Michaels on March 8, 2009, 10:06 pm

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Laura wrote:

>> The reason I ask is my condo association just hired a management

>> company to handle our business including our accounting. We had been

>> doing it in house for many years on an older QB version.

>> Well this company uses QB Premiere 2008. We would like to be able to

>> check their work maybe quarterly so could we buy QB Pro 2008 and be

>> able to open this file, or would we need to have the exact same

>> edition as they use, namely Premiere?

>> Your answer could save us a couple of hundred dollars!

>> Thanks

> Yes. Pro can open Premier files and vice versa as long as the programs

> are the same YEAR. Pro and Premier all have the same database structure

> and can open file using the other program.

> Since this is a new management company I suggest that you start out by

> checking their work monthly to make sure that you agree with how they

> are classifying expenses. Every management company has their own style

> so ironing out differences in the beginning is always a good idea.

> Relying on reports, etc is not the same thing as looking at the actual

> file on a regular basis. It also sets the tone that there is someone at

> the association still overseeing their work. They might not like it but

> that is the only way of insuring your funds are being used properly.

Thanks for the answers. Laura, you hit the nail on the head. They
shouldn't have a problem with this. We're not going to be nudges as far
as telling them how to do their job, but we will be insistent that we
get to see the complete financial picture on our terms. And to me, that
means being able to load the QB file and examine it at our convenience.

Posted by Laura on March 9, 2009, 9:33 am

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> Laura wrote:

>>> The reason I ask is my condo association just hired a management company

>>> to handle our business including our accounting. We had been doing it

>>> in house for many years on an older QB version.

>>>

>>> Well this company uses QB Premiere 2008. We would like to be able to

>>> check their work maybe quarterly so could we buy QB Pro 2008 and be able

>>> to open this file, or would we need to have the exact same edition as

>>> they use, namely Premiere?

>>>

>>> Your answer could save us a couple of hundred dollars!

>>>

>>> Thanks

>> Yes. Pro can open Premier files and vice versa as long as the programs

>> are the same YEAR. Pro and Premier all have the same database structure

>> and can open file using the other program.

>> Since this is a new management company I suggest that you start out by

>> checking their work monthly to make sure that you agree with how they are

>> classifying expenses. Every management company has their own style so

>> ironing out differences in the beginning is always a good idea. Relying

>> on reports, etc is not the same thing as looking at the actual file on a

>> regular basis. It also sets the tone that there is someone at the

>> association still overseeing their work. They might not like it but that

>> is the only way of insuring your funds are being used properly.

> Thanks for the answers. Laura, you hit the nail on the head. They

> shouldn't have a problem with this. We're not going to be nudges as far

> as telling them how to do their job, but we will be insistent that we get

> to see the complete financial picture on our terms. And to me, that means

> being able to load the QB file and examine it at our convenience.

Just make sure that you make it very clear to them that you want access to
your books whenever you want them. Our condo association was looking into
switching to a management company a few years ago when the property manager
was thinking of retiring. One of the things our CPA suggested was that we
did not go with a company that used a proprietary software or one that would
not allow us free access to the books. The CPA has seen too many problems
with property management companies getting in over their heads and messing
things up. She has also seen a fair amount of embezzelment because the condo
associations were not looking at the books.