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Frequently Asked Questions: Transfer data from Reckon, Xero, MYOB and QuickBooks Desktop.

Who is Odyssey Resources?

Odyssey Resources provides outsourced accounting, bookkeeping and taxation services to accounting and bookkeeping firms in Australia, Asia, New Zealand, North America, South Africa and in the United Kingdom.

Is Odyssey Resources endorsed by Intuit, the makers of QuickBooks?

Yes. Although Odyssey Resources is not part of Intuit, we work in partnership with Odyssey Resources to ensure we're able to transfer data swiftly and accurately.

We can convert the Australian versions of the below software:

  • Reckon Accounts for Business 2018 (.qbb or .qbw file type) without inventory function
  • Reckon Accounts for Business 2017 or earlier (.qbb or .qbw file type)
  • Reckon Accounts Hosted
  • Reckon QuickBooks 2009 or later (.qbb or .qbw file type)
  • MYOB banklink (.BK5)*
  • MYOB AccountEdge V16 and earlier (.myo file type)
  • MYOB AccountRight Live V2012-2018 (.myox file type)
  • Xero (excluding Xero US version)

 

We only convert to the Australian version of QuickBooks Online Essentials and QuickBooks Online Plus.

 

QuickBooks Simple Start subscriptions do not include free data migration offers.

 

In some cases we are able to convert data from software’s not listed above at a bespoke fee. To request a quote, please email a copy of your accounting back up file and migration request to qbo_support@odyssey-resources.com.

 

 

*Note: Data conversions from MYOB Banklink to Quickbooks Online result in slightly different results than conversions from other softwares.

How does the process work?

Your data is converted to QuickBooks Online in 3 easy steps:

  • Complete the conversion form including your contact details and name of the company you wish to set up in Quickbooks Online,
  • Select the current software package you’d like to convert from and either upload a backup copy of your accounting file or provide us with your existing login details (if applicable),
  • Invite Odyssey into the QuickBooks Online file you’d like the data uploaded into or we can create a new one on your behalf.

 

When your conversion is complete, you’ll be asked to review the converted data and to complete the post conversion tasks and reconciliation process. Once you’ve completed these steps and you’ve confirmed acceptance of your converted data file, you can start using the file. In the case where the file is created at our end, we’ll assign ownership of the file back to you. Should you have any questions about the post conversion tasks, our Customer Care team are ready to help.

  • Your details
  • Your previous data file, including login credentials, if applicable 
  • Your QuickBooks Online file ( Know more )
    • Invite us into an existing QBO file*
    • Or, we can create a QBO file for you**

 

 

*Note any existing data in existing QBO files will be deleted as part of the data migration process

 

**Where Odyssey resources creates a QuickBooks Online file you, please note your ongoing subscription price will be that of the regular subscription prices set by Intuit QuickBooks.

We will aim to complete your conversion within three to five working days of receiving your data file, although it is often much faster than that.

When you send us your business data, we simply convert it to QuickBooks Online format. We don't review it in detail; share it with anyone outside our business; or use it for anything else. Once you let us know you're happy with your QuickBooks Online account then your data will be permanently deleted from Odyssey Resources servers.

 

For more information about our approach to data or privacy, please see our Privacy Policy.

As long as you use the online form to upload your data to Odyssey Resources, it will be protected using the industry standard SSL encryption. Data is removed from our servers promptly after you have uploaded, and we store a copy on our local servers during conversion. Post conversion we move your data to a secure offline storage where it is encrypted. It is best practice to also suggest you have a password on your source data file.

 

For more information about our approach to data or privacy, please see our Privacy Policy.

For a limited time, Intuit will cover the cost of converting your historical data. Intuit will also cover the cost for Odyssey’s Accountants to validate the current and last financial year of transactions against your prior accounting file. This free service is only available when migrating data to QuickBooks Online Essentials and QuickBooks Online Plus. You can request the Tax Accountant to validate the additional years of data for a small fee, payable to Odyssey Resources. Note - if you don't have a QuickBooks Online account already, Odyssey Resources will create one for you, for which you'll have to pay the "standard" subscription cost per month. This is paid directly to Intuit, the maker of QuickBooks, and not to Odyssey Resources.

We will transfer the following data to QuickBooks Online:

  • Customer details
  • Supplier details
  • Chart of accounts
  • Account balances
  • Customer balances
  • Supplier balances
  • Items list
  • Historical transactions
  • Employees

 

Note: Where available employee profiles such as name, DOB, address, phone number and email will be entered into the Employee tab in QuickBooks Online. Once you connect your QuickBooks Online file with KeyPay this information can easily be synchronized into KeyPay.

 

Note: MYOB Banklink to Quickbooks Online conversions are unique to the above list. Please see relevant section below.

We only currently convert the core accounting information and not the following types of data:

  • Departments / Locations
  • Budgets
  • Memorised transactions and suppliers' banking details
  • Invoice and other templates
  • Sales orders
  • Historical Payroll records
  • Negative stock & bundle
  • Attachments
  • Classes / Tracking Category (applies to conversions from Xero only)
  • Custom fields

Conversions from MYOB Banklink will be transferred into Quickbooks Online using the below approach;

  • Money in transaction (BankLink) = Sale receipt (QBO)
  • Money out transaction (BankLink) = Cheque (QBO)
  • Journal (BankLink) = Journal entry (QBO)
  • Supplier and customer lists will be converted into QBO. We will include payee name only. No additional details like addresses, phone numbers etc will be converted for Banklink migrations.
  • By nature Quickbooks Online requires users to select a product/service when creating Sales Transactions. Therefore, during the conversion process we will need to create new products/services in your QBO account. The names of the products/services we create will match the name of the corresponding chart of account of each sales transaction in Banklink.
  • Memorisations (Bank rules) will not be converted during the conversion process. If you would like Odyssey to bring them into Quickbooks Online you will need to indicate this in the notes field upon requesting your conversion. Odyssey will then provide a quote for you though typically this is priced at $15 per 50 rules. NB Odyssey will need to complete the data migration before you connect your bankfeed. Odyssey can set up the bank rules only after the bankfeed is connected. You will be stepped through this process via email if you request this solution.

Yes. If you have an existing QuickBooks Online file you would like us to move your data in to, please invite us to that file.

Please note all data in your QBO file will be deleted in order for us to convert new data into your account. If you aren’t happy for existing data in the QBO file to be deleted, please do not use this data migration service.

There are certain transaction types that the conversion process does not enable us to convert into QuickBooks Online. We will use journal entries to enter this information for you.

  • Deposits
  • Funds transfers
  • Payroll records
  • Inventory Adjustment
  • Receive money (applies to MYOB and Xero)

The data importing process will transfer all compatible data existing in your provided file to QuickBooks Online. However, we will only validate (check and correct) data for the range you have requested. We advise you to keep a backup of relevant data to have history of transactions prior to conversion date.

There are a few simple tasks you will need to complete inside QuickBooks before starting your day-to-day use. Don't worry though, we will guide you through these steps when you get there!

 

Confirming company settings. Although we are able to move your accounting figures into QuickBooks, we don't carry over information like company name, address and email details. You will need to update these fields.

 

Reconciling bank transactions. We are unable to mark bank transactions as reconciled during our conversion process. Once your conversion is complete, you will need to mark the bank transactions as reconciled, leaving only the unpresented items as unreconciled and agreeing with the statement balance.

 

Confirming GST details and BAS lodgement periods. If your business is registered for GST, you will need to confirm the ABN, lodging frequency and GST details. Business Activity Statements for earlier periods may need to be "lodged" in QuickBooks, to make sure that old transactions do not appear in the next BAS report. You should check the first BAS you produce in QuickBooks carefully, to ensure that the numbers are as you would expect.

If you’re interested in learning more about Odyssey Resources, you can learn more via their website at https://www.odyssey-resources.com

It's free, quick and easy to move your data.

For a limited time only, we'll take care of transferring your existing data to QuickBooks Online for free. Using Odyssey Resources, all your transactions can be automatically transferred without the need for any manual input. So you can pick up exactly where you left off - quickly and effortlessly.