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Post-conversion: moving to QuickBooks Online

by Lauretta Finis

6 min read

Moving to a new QuickBooks Online data file is quick, easy and FREE.*

You can have up to two years of your old data converted to QuickBooks Online via Odyssey Resources.

Let’s look at some of the steps involved that will ensure your data file is correct.

When your conversion is complete, you’ll be asked to review the converted data and complete the post-conversion tasks and reconciliation process.

Once you’ve completed these steps and confirmed acceptance of your converted data, you can take ownership of the file.

We recommend that you open a new file prior to the conversion process in readiness for conversion. All instructions will be in the Convert to QuickBooks Online page.

Which QuickBooks Online version is the conversion service applicable for?

  • Essentials
  • Plus

(Not the Simple Start version.)

What gets transferred to your new QuickBooks Online?

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

Prior to converting your old data, we recommend the following:

  • Check the Customer and Supplier balances, ensuring they are correct
  • If you have doubled up on names in your file, it’s a good time to merge customer or supplier names prior to conversion
  • Complete your bank reconciliations

What data and transactions will not be transferred?

  • Departments – Jobs – Classes
  • Budgets
  • Memorised transactions and client banking details
  • Invoice and other templates
  • Sales orders (applies to QuickBooks only)
  • Payroll records (only journals of payroll will come across)
  • Negative stock

Specific transaction handling on transfer

There are certain transaction types that QuickBooks Online does not convert. QuickBooks Online must use the transaction type “Journal Entry” for the following items:

  • Deposits
  • Funds transfers
  • Pay cheques
  • Inventory Adjustment
  • Receive money (applies to MYOB only)

Ready to convert

Enter the information required in the page “Convert to QuickBooks Online”. Upload your software to the recommended area and choose your conversion period.

Note:

  • Up to two years’ free conversion
  • For each additional year of conversion, Odyssey Resources will charge you $26.50
  • Confirm the terms and conditions of use and Start the Conversion

You will receive an email directly after the file is uploaded to confirm that Odyssey has received your file (keep this for reference). Odyssey will work on the file and send you an email when the file is ready for you to complete all checks and take ownership.

Time to check your new file data integrity

Once you’ve received confirmation that the file is complete, checks must be completed prior to you entering any NEW transactions or amending any transactions.

You can do this by reviewing and confirming that both sets of reports in both the old data file and new QuickBooks Online file are EXACTLY the same amounts in the accounts.

TIP: In your old data file, the suggested reports to be printed for comparison are contained within the email sent. Print both the same reports in your old data file and your new QuickBooks Online file.

Within the email you have two attachments. The first attachment is called:

Tasks to confirm your QBO data (How to check your QuickBooks Online data)

Suggested reports are:

  • Trial Balance
  • Balance Sheet
  • Profit & Loss
  • General Ledger
  • Customer Ageing Summary
    • (Also Detailed Customer Ageing)
  • Supplier Ageing Summary
    • (Also Detailed Supplier Ageing)
  • Last Bank reconciliation (required when Bank reconciliation must be re-run to end of previous bank rec in old file)

Ensure these reports include ALL DATES and are run on an ACCRUALS BASIS. This will pick up ALL transactions.

Once the checks are run and you are satisfied that the data is successfully converted, reply to the second email that you are happy with the conversion and you can take over.

When completing the data-check process, should you notice any data discrepancies with both sets of reports or have any questions, email Odyssey qbo_support@odyssey-resources.com or reply to the second email received. Be sure to include the conversion reference number in any communication.

NOTE: The report-check process is critical to ensuring data conversion integrity. Should any anomalies be found, DO NOT make any changes to the file but immediately refer the file back to Odyssey for review.

Once all the check reports are reviewed and you are happy that the conversion represents the conversion data correctly, follow the steps as detailed in the second attachment:

Post-conversion checklist (Getting started with QuickBooks Online)

These are still some steps to complete before the file can be worked on:

1. Remove Odyssey as a user from the client file.
2. Review Company settings and edit as required (Odyssey will turn on all settings possible within the Company Settings area, so a review is important).

  1. Gear Icon > Settings > Company Settings. Ensure all business details are correct and you turn on any features required given the version purchased.

3. Confirm GST settings are correct and as per client requirements.

  1. GST Centre > Rates & Settings > GST settings, ensuring that the correct GST Report method is chosen and the remainder of the details match your BAS reporting requirements.

4. Clean up GST BAS. This is to ensure that, moving forward, the BAS period will reflect the current Lodgment dates.
NOTE: This clean-up process is NOT redoing every BAS Lodgment from the converted periods but is a one-off ‘Lodgment’ entry. Refer to the email attachment for further details.

  1. GST Centre > Complete BAS, checking your From and To dates are the current BAS report period.

5. Reconcile all bank and credit card accounts (and all other accounts that were previously reconciled).

  1. Simply enter in the last Reconcile date and balance and select All to tick Debits and Credits
  2. Any un-reconciled transactions from the prior reconciliation should be un-ticked

Payroll in QuickBooks Online is powered by KeyPay and is not included in the conversion process. Payroll transactions are converted as journal entries, so individual employee details are not included.

To ensure historical employee information is available for reference at a later date, access to the backup file of the previous software should be stored securely. For software where a backup is not available, a full set of payroll transaction reports should be downloaded and stored securely.

The YTD balances for earnings amounts and leave balances are added to the Employee Opening Balances section in KeyPay, which will then be added to the Payroll Summaries.

For a limited time only, QuickBooks Online will transfer 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.
You can pick up exactly where you left off – quickly and effortlessly.

Ensuring all the above checks are completed, you know that your new file data is correct. Going forward, that means all your financials and reporting will also be correct.

*Two years’ free conversion. For each additional year of conversion, Odyssey Resources will charge you $26.50.

** For a limited time only, Intuit will cover the cost of data conversion services provided by Odyssey Resources (one financial year of historical data, plus all data for the current financial year) for each registered Australian business that is a new subscriber to QuickBooks Online. If you decide to convert again, Odyssey Resources reserves the right to charge you a fee. This limited time offer is available for conversions from Reckon Accounts for Business 2016 or earlier (.qbb or .qbw file type), Reckon Accounts Hosted, Reckon QuickBooks 2009 or later (.qbb or .qbw file type), MYOB AccountEdge V14 and earlier (.myo file type), MYOB AccountRight Enterprise, Premier V19 and earlier (.myo file type), MYOB AccountRight V2012-2016 (.myox file type), Xero (excluding Xero US version).

To read more articles related to product updates, visit here.

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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