Who is Odyssey?
Odyssey provides accounting and management consultancy services to a wide range of businesses and organisations in Australia, North America and Asia. Odyssey automatically moves your company’s financial data to QuickBooks Online. We can currently transfer data from QuickBooks Desktop and MYOB.
Is Odyssey endorsed by Intuit, the makers of QuickBooks?
Yes. Although Odyssey is not part of Intuit, we work in partnership with Intuit to ensure we’re able to transfer data swiftly and accurately. Intuit recommends using Odyssey if you’re transferring to QuickBooks Online from QuickBooks Desktop or MYOB.
How long will it take to import my data?
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.
How will my business data be used?
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 servers.
How will my business data be protected?
As long as you use the online form to upload your data to Odyssey, 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.
How much does the service cost?
For a limited time, it is completely free to transfer up to two financial years of data to QuickBooks Online, thanks to Intuit. We will create a new QuickBooks Online account for you, if you don’t have one already, for which you’ll have to pay the subscription cost per month. This is paid directly to Intuit, the maker of QuickBooks, and not to Odyssey.
What data will be converted?
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
I’ve already signed up for QuickBooks Online. Can I move my data to that account?
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.
QuickBooks specific transaction handling
There are certain transaction types that QuickBooks Online does not allow us to convert. We have to use transaction type Journal Entry for the following items:
- Funds transfers
- Payroll payments
- Inventory Adjustment
- Receive money (applies to MYOB only)
What we don't convert
We only currently convert the core accounting information and not the following types of data:
- Memorised transactions
- Invoice and other templates
- Sales orders (applies to QuickBooks only)
- Payroll records
- Negative stock
We are able to convert data from the Australian version of:
- Reckon Accounts for Business 2016 or earlier
- Reckon Accounts Hosted
- Reckon QuickBooks 2009 or later
- MYOB AccountEdge V14 and earlier
- MYOB AccountRight Enterprise and Premier V19 and earlier (.myo file type)
- MYOB AccoutRight Live V2012-2015
We only convert to the Australian version of QuickBooks Online.
How does the process work?
- Complete our conversion form and upload a backup of your data.
- We migrate your data and invite you to review the results.
- You confirm you are happy and we transfer your files.
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.
Don’t worry about these tasks, we will guide you through these steps when you get there!