Do I have to enter each customer, vendor, and inventory item one at a time?

No! You can save hours of manual data entry by importing your company information from QuickBooks Financial software or from Microsoft® Excel (commercial license). Point of Sale imports data from any QuickBooks Pro or Premier Edition 2008-2012, QuickBooks Enterprise Solutions 8.0-12.0, or Microsoft Excel (Commercial License) 2000, 2002, 2003, 2007, or 2010. These applications are sold separately. 

Microsoft Office Home & Business or Professional contains Microsoft Excel with a commercial license for use with importing items into POS.

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