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Converting to QuickBooks Online… Seriously Easy

By Alee Cochrane

2 min read

For many years people have felt trapped by their accounting package. It may not have met their needs, but moving to a new software solution was onerous.

Today this is not the case. With so many good software solutions on offer, along with the add-on applications available, if your current software solution is not meeting your needs, then in most cases you can transfer across to a solution and take the accounting history with you.

Let’s look at a couple of scenarios (but not limited to) where you might move to a new accounting software platform

– The reporting side of your software doesn’t meet your needs. There are add-ons available but these are too costly for your business.

– The payroll functionality is too basic and is not flexible enough to meet your needs

– You want your business to be totally in the cloud so it can be accessed at any time & from anywhere.

– You have changed accountants and based on their recommendation and the demonstration of the software that they have provided you, you feel that a move will benefit you and your business going forward.

So what’s involved in converting from one solution to QuickBooks Online.

Two types of conversions:

  1. Where the data file is converted and the transactional history is taken across
  2. Where you move across to QBO but only take the closing balances across without the history.

Lets focus on a conversion with transactional history.

Conversion picture

Intuit offers a free conversion service from the following accounting software solutions to Quickbooks Online that will take across up to 2 years of transactional data i.e. the current financial year and the financial year prior to this.

– Xero

– MYOB (.MYO and MYOX files)

– Reckon Accounts 2013, 2014

– Reckon QuickBooks (2009-10, 2010-11, 2011-12, 2012-13

– Reckon hosted

You can take more data across, but there is a small additional charge.

What information is converted as part of the process?

As each software solution differs there are some limits on what can be brought across, however in most cases what is converted forms the bulk of your transactions. Below is a summary of the information that comes across during the conversion process.

1. Up to 2 years of data

2. Customer contact information

3. Supplier contact information

4. Chart of accounts

5. Account balances

6. Supplier balances

7. Transaction history

Employee Information

Employee information is not brought across as part of the conversion but employee personal details can be imported in bulk using the Import Employee Data in the settings area of the Employee (Payroll) section of Quickbooks Online.

Import employees

This will allow you to import both the personal employee details, as well as giving you an option to bring across the initial values, which are important for ensuring that the Payment summary for each employee reflects the correct information.

Employee import templates

What information doesn’t convert?

There will be some information that will not come across such as Departments, Budgets, Memorised (Recurring) transactions, sales orders, as well as invoicing and other templates and the conversion process will not allow for the conversion of negative stock.

Intuit’s Conversion Service

Intuit has engaged the services of Odyssey Resources to perform the conversions and in most cases the conversion process is completed within 3 days, and ready for you to verify the data that has been brought across.

A few more steps with GST setup and Bank reconciliations and you are good to go.

Converting to QuickBooks Online… Seriously Easy.

For more information on how to convert to Quickbooks Online please click this link.

 

 

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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