MYOB to QuickBooks Data Conversion

What is MYOB?

MYOB is a simple accounting software to manage your transactions and financial data. By just selecting “File” and then selecting “Export Data” you can initiate it. This way you would get a list of all types of transactions, so you can choose the ones you need to transfer. Not just transactions, you can also convert general entries.

You’ll also be able to export accounts like Money Received, Item Sales, Service Sales, Professional Sales etc. You would also be able to convert purchases, converted purchases, service purchases, money spent etc. Once these data are transferred to the text format, it needs to be exported to excel and then tidied up. Once you have everything in order, it is ready to be imported into your installed QuickBooks Software.

MYOB to QuickBooks Conversion

What all can you convert from MYOB lists and transactions to QuickBooks Online, Premier, or Pro QuickBooks Editions.

  • MYOB Chart of Accounts to QuickBooks Chart of Accounts
  • MYOB Vendor List to QuickBooks
  • MYOB Item List to QuickBooks
  • MYOB Client List to QuickBooks
  • MYOB Employee List to QuickBooks

QuickBooks Transaction Types Conversion

  • MYOB Vendor Credits to QuickBooks
  • MYOB Credit Card Charges to QuickBooks
  • MYOB Invoices to QuickBooks
  • MYOB Sales Receipts to QuickBooks
  • MYOB Item Receipts to QuickBooks

If the data that you want to transfer spans just over a few years, it would be advisable to just break it into a few parts so that it is easy to transfer it. As this can be quite a time consuming process, it is possible that you might need a little help from any outsourcing partners. With the help of outsourcing partners, you can easily arrange data as you need, as well as it will also help you in how to make the most effective use of the Accounting software at the most affordable cost.

What are the steps involved to convert data from MYOB to QuickBooks?

MYOB Excel Software

The following are the steps in the procedure:

The complete conversion of your accounting data from MYOB to QuickBooks may take some time, depending on its complexity and volume.

For this, you will need to be proficient with Microsoft Excel. If you want to move directly to QuickBooks and avoid having any interruptions to your business, you should start the conversion process as soon as you have two days free to complete the transfer and all of your checks.

  • QuickBooks version 2008 or higher.
  • Excel software from MYOB

The steps in the procedure are as follows:

  • Enter the details of your MYOB card file into QuickBooks.
  • Move the customer lists and tax codes over to QuickBooks.
  • Upload the employee and supplier lists to QuickBooks.
  • In QuickBooks, create the opening balances.
  • In QuickBooks, create the initial inventory balances.
  • Transactions related to accounts payable and receivable can be exported from MYOB into text files.
  • Enter transactions related to accounts payable into QuickBooks.
  • Enter transactions related to accounts receivable into QuickBooks.
  • Verify the flow of data.
  • Install and set up QuickBooks.
Export your Accounts List from MYOB
  • Open MYOB first, then choose File > Export data > Accounts.
  • The following adjustments must be made in QuickBooks for the new equivalent.
  • Using the search and replace function, open the exported file in Microsoft Excel and update the Account Types to their equivalents in QuickBooks.
  • Convert the format from currency to numeric.
Import the Account List into QuickBooks
  • First, open QuickBooks and create a new company file without a chart of accounts.
  • Map the following fields in QuickBooks by selecting File > Import > Excel files.

What all Transactions can you Export from MYOB to QuickBooks?

  • Money received
  • Accounts Payable Purchases
  • Service purchases
  • Item purchases.
  • Professional purchases.
  • Journal Transactions Transaction journals.
  • General journal entries.
  • Accounts Receivable Service Sales.
  • Item Sales.
  • Professional Sales.
  • Time Billing Sales.
  • Miscellaneous Sales.
  • Miscellaneous purchases.
  • Money spent.

In order to get this data into QuickBooks, you will need to clean up the MYOB exported transaction files in Excel by removing blank lines and subtotals. Alternatively, you can rely on the default tax code associated with the item, which the Transaction Importer will default to if it is not specified, but exercise caution as there may be exceptions.

Importing these transactions into your QuickBooks company file is the next step. Prior to attempting to import transactions, always remember to create a backup copy of your company file so you may restore it to its most recent, stable form in case something goes wrong.

Was the conversion successful or not?

Compare your reports in both MYOB and QuickBooks as of the accounting period date you choose to convert the file to confirm whether the conversion process was successful or not.

  • Profit and Loss
  • Trial Balance
  • Balance Sheet

How do you Convert From FreeAgent to QuickBooks Conversion?

  • Migration to Modern Software
    Step 1: You have to be sure about your product needs- It is very important for your QuickBooks Conversion expert to spend a good amount of time getting to know your company and current system. This will help them in understanding your company’s requirements. Your business’s centric growth and key values are extremely important in order to generate more profit. For this, you’ll need very specific QuickBooks Products like QuickBooks Enterprise, Payrolls, or Field Service Management.
  • Enhanced Business Growth
    Step 2: Arrange and Set the Template- Every business has its own set of requirements. It is important to check if QuickBooks fits your company properly and is able to gather all the data from your current accounting system. For this, you need to double click a part in both the new QuickBooks record and old system during this short period of time. Now you retrieve all your data including reports such as P&L, financial record etc. Not just this, you can include any other data that needs to be switched.
  • Increased Collaborations
    Step 3: Train the team for efficiency- The entire process of transitioning your data requires efficiency. So in order to ensure your data gets migrated in the best way possible, you need to ensure a training team. Training would be beneficial for smooth transitions of your programs. Ensuring your team’s efficiency will bring in growth into your business.
  • Organized Financial Records
    Step 4: Review your QuickBooks- This is the most crucial step as with this you will go through your QuickBooks to locate any issue. Many times, it gets very difficult to understand the depth to which your data is important. If once the data is lost, it gets difficult to retrieve it back. This makes it essential for users to double check the imported data. If you still require to move more data, do it from your old system to QuickBooks.
  • Enhanced Business Growth
    Step 5: The Follow up Process- Now that everything is ready you may run your QuickBooks software for a month to see if there are any problems. With the instruction manual, you can get any information that was not able to be retrieved in the process. Moreover, you can enable ongoing monthly or quarterly closing services which will help you stay on the target.

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