qb to xero
qb online to xero
myob to xero
myob essentials to xero
Kashflow to Xero
Sage50 to Xero
Sage One to Xero
FAQ-MYOB Essentials to Xero Conversion
FAQ-MYOB Essentials to Xero
1. What we Convert
Chart of Accounts ( We do custom mapping as well)
Opening Account Balances
Bank Transactions (Includes Invoice payments, Bill payments and other Bank Transactions) (All Bank Transactions reconciled as it was done in MYOB Essentials)
Credit Card and Paypal Accounts (converted as Xero Bank Accounts)
Items (comes as "Inventory" in Xero)
All Invoices and Credit Notes Detailed- If Invoices have Items, then we can fetch Quantity, Rate, Item description
All Bills and Credit Notes Detailed - If Bills have Items, then we can fetch Quantity, Rate, Item description
All Manual Journals
Payroll (Payroll Setup, Employee details, Employment Terms, Pay Items, Pay Templates, Bank Information)
We make our best attempt to give you the exact image of your MYOB Essentials data, however, due to the limitations of few fields which are different in MYOB Essentials and Xero, we might have to use some workarounds to bring the transactions.
2. What We Dont Convert
Invoice Description- We fetch only Item Description.
Purchase Orders and Estimates
Custom GST Rates
Repeating Invoices after the "Convert To" date
Allocation of Invoices or Bills against credit notes
Transaction lines with NIL Values
Opening Balances for Payroll
Individual Payruns for the conversion period
Attachments (we do it separately for a fee)
We are specialist in converting core financial information and we try our best to bring the other non financial information as well, however, because of the limitation of APIs of both softwares, we might not be able to get few fields.
Chart of Accounts - Sub Accounts in MYOB Essentials are converted as Independent Accounts in Xero
Chart of Accounts - Inactive Accounts, if used in MYOB Essentials in the conversion period are turned as Active Accounts in Xero
Open Receivable and Payable Invoices shall contain only single line showing the unpaid balance of Invoice in Xero
Open Receivable and Payable Invoices shall contain only single line showing the unpaid balance of Invoice in Xero which would be coded to Dummy Income/expense account.
Multiple Accounts Receivables in MYOB Essentials are merged in single Account Receivable in Xero
Multiple Accounts Payables in MYOB Essentials are merged in single Account Payable in Xero
Multiple GST Accounts in MYOB Essentials are merged in single GST Account in Xero
Custom Sales Tax Rates are converted into standard Sales Tax Rate with "Tax Adjustment" entry as separate line item in Xero
Inter Bank Transfers may be converted through a Clearing Account in Xero called Temp
Clearing Account called Temp is used in Xero for transactions where Accounts Receivable, Accounts Payable are passed as Journal Entry in MYOB Essentials.
Transactions without any contact/payee name in MYOB Essentials would be transferred as "No Name" contact in Xero
System Accounts like Retained Earnings, GST Account, Realised Currency Gains are used in Xero for their counterpart accounts in MYOB Essentials.
Rounding can be different in Xero and MYOB Essentials because of the data precision techniques used in both softwares.
Freight, Commission, Discount in MYOB Essentials Invoices and Bills are transferred as separate line items in Xero Invoices and Bills
Xero has single GST Account, but MYOB Essentials has one GST Received and another for GST Paid, these 2 accounts are combined and resultant is put in single GST Account in Xero
4. Multi Currency
Multi Currency Transactions are brought over in same currency as they were fed in MYOB Essentials and same exchange rate as it was fed in MYOB Essentials
Total Accounts Receivable in Xero shall not exactly match the total of individual Accounts Receivable in MYOB Essentials because of the different exchange rates being used by Xero for reporting purpose
Total Accounts Payable in Xero shall not exactly match the total of individual Accounts Payable in MYOB Essentials because of the different exchange rates being used by Xero for reporting purpose
While feeding the opening balances on conversion date, Xero would use same/single exchange rate for the conversion date for all the multi currency accounts. This might cause a difference in debit and credit side of trial balance, and produce a FX variance, which is brought over in Xero system account called 'Historical Adjustment".
MYOB Essentials has 6 Accounts for each currency. Apart from Bank Account, Account Receivable, Account Payable, MYOB Essentials has link accounts called Linked Bank Account, Linked Account Receivable Account and Linked Account Payable Account. On the contrary, Xero has 3 system accounts to manage foreign currency - realised currency gain, unrealised currency gain and Bank Revaluations. Therefore, there should be difference in the balances of these accounts as they are not the exact image from MYOB Essentials Accounts. Xero uses automatic exchange rate from www.xe.com as on report date to produce a report.
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