The chart of accounts exported from an old file only imports the setup of the accounts, not the dollars associated with them.  When you are doing this method, you must set up the file telling it not to set up a chart of accounts when prompted by the wizard.  Then you will end up with only Current Earnings.

Once you import the old chart of accounts, you must still go through all of the Setup menu to make sure all accounts are linked properly in each module, setup your sales taxes and sales tax code calculations (can't be done until there are accounts to link to), etc.