Xero to QuickBooks Data Conversion

Which Xero Data can be converted to QuickBooks Data Conversion?

  • Opening account balances.
  • Bills and bills credited.
  • Bank transactions, Credit cards.
  • Chart of Accounts with customized mappings.
  • Invoice and Credit notes.
  • Customer details, supplier details.
  • Manual journals, Inactive contacts/ accounts.
  • Receivables and Payables.

Which Xero Data cannot be converted to QuickBooks Data Conversion?

  • No-posting entries like estimates.
  • Templates like invoice templates and others.
  • Budgets.
  • Sales orders, payroll records, projects and attachments.
  • Multi-currency data and QuickBooks memorized transactions.
  • Fixed assets, expense claims, payment terms, custom VAT rates, time sheets, customer jobs, unreconciled entry.

How do you transfer the data from Xero to QuickBooks?

Exporting the data from Xero

The first step will include the export of the data from xero accounting software. You can choose to export the data in Excel or CSV format and then import it in QuickBooks Online:

  • Accounting data (transactions, Balance sheet, Profit and loss, Trial Balance, Receivable report, Payable report, Fixed asset reconciliation, Inventory details, Bank reconciliations, Sales/Purchase report, etc.).
  • Budget report.
  • Chart of Accounts.
  • Vendor/ Customer & Employee contact list.
  • Invoices and Bills.

Migration Process

Step 1: Chart of Accounts

It is important for your QuickBooks chart of accounts to match with Xero. So, your first step would be setting up the chart of accounts in QuickBooks that matches with Xero. The steps include:

  • Click on settings
  • Go to Chart of Accounts
  • And then Export.

Download the CSV file, make the changes required as per Xero, clean the data and then import the data again in QuickBooks.

Step 2: Transferring Vendors and Customers in QuickBooks Online.

In Xero, you will find the Customer and Vendor List that does not have any specific distinction. They are grouped as a contract. You can import the entire list in QuickBooks Online and make the changes as required.

Step 3: Transfer of Products and services in QuickBooks

The format of products and services in QuickBooks does not match with Xero, so you will need to make various changes after importing the data. During the import process, ensure to check boxes like buy/sell and track.

Step 4: Importing Invoice and Bills Transaction

You can easily import up to 500 invoices and bills in QuickBooks Online at a time. However, you might need a third party application to do this.

Step 5: Importing payroll and Bank Transaction

You need to first import payroll and then bank transactions in QuickBooks.

Step 6: Review & Verifying the Result

Now Review and verify the result from the Xero Data File. There is a possibility that you might have to carry out dome edit work due to the change in format of QuickBooks Online.

Using Import Tool functionality in QuickBooks Online

For all the items except chart of accounts

Check on files

Then utilities import Excel or CSV files. Once these items are imported, reviewed and verified, the data is good to go.

For chart of accounts

Click on List > Chart of Accounts > Accounts and then, Import from Excel.

Things to consider before actual migration of data from Xero to QuickBooks.

Before you actually start the conversion process, make sure to go through all of these important points.

  • In case you already have an existing company file in your QuickBooks Online Account, you will need to cancel that subscription and create a new account as data. This is done because data transfer cannot happen between Xero and QuickBooks Online if they already have data.
  • You should make a properly managed backup for your Xero Data File, as that backup will come in handy later at the time of reviewing and verifying the result.
  • You should also reconcile all your bank and credit cards accounts to the current statements of your bank account. Make notes of the remaining balance in your bank accounts. You’ll need this while preparing post-transfer reconciliation in QuickBooks Online.
  • You should migrate to QuickBooks Online directly if you are using cash-basis accounting, otherwise the post transfer work in QuickBooks can be huge.

How to start with the conversion process of QuickBooks Online?

  • 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 software. 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.

Frequently Asked Questions (FAQs)

Q. How can I export the accounting data from Xero?
Ans. You need to first open the application, go to the accounting menu > and then click on export accounting data. Select data range of data export > click on download and open and save the file on the computer.

Q. How is Xero and QuickBooks Online Different?
Ans. Both Xero and QuickBooks online are built on a specific similar platform and need a similar kind of audience. The similar kind of audience refers to small and medium sized businesses. Xero is a good start for business, however if you need scalability then QuickBooks is a more suitable option.

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