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How to Convert to Quickbooks from Xero?

Convert to Quickbooks from Xero

As a business owner, you are entitled to make many crucial decisions on your own. One such daunting task is to select the befitting accounting software for your company. For this, you have to understand how the integration works and convert one software system to another.

Xero and QuickBooks are two leading accounting industry software systems that are taking accounting experience to new highs. The battle of Xero vs. QuickBooks UK remains persistent. However, each of these tools possesses its own set of pros and cons. Every business entity has its own preference regarding the type of accounting software it should use. When compared to Xero, QuickBooks offers simpler cloud models and scalability for small businesses. Even though pricing can be a concern, QuickBooks has greater flexibility and more features than Xero. Thus, many end up revamping their accounting tasks from Xero to QuickBooks. It can offer you better functionality and an easy integration experience.

If you are planning to convert from Xero to QuickBooks, then here is a comprehensive guide.

How to convert from Xero to QuickBooks?

Migrating from Xero to QuickBooks is not an easy task. It can feel confusing and complicated if you haven’t had prior experience. But luckily, we are going to take you through all the crucial steps involved.

You can quickly move from one integration to another with 100% accuracy and match trial balance, profit and loss statements, Balance sheets with Xero. Apart from this, you can also get identical Aging A/R, Aging A/P accounting reports as well. However, since there are multiple ways to complete the conversion, sticking to one particular solution is crucial. Be vigilant and careful because a single mistake can negatively reflect on your business accounting. Apart from this, you also need to seek access from the administrator to enter the company’s Xero account. Once completed, you will receive a report from the team.

The process requires you to make a QuickBooks account, seamlessly transfer data from one software to another and do the conversion audit.

Step 1 – Transaction history

Before you commence the activity, you can decide whether to include your prior transaction history or not. If there are numerous accounting activities, you can select the ones that are worth recording. Generally, people compile all the previous dealings in an archived file. But if you are looking for a convenient workspace, then it is possible to include the complete list of your transactions during the conversion. However, it can be costly and time-consuming.

Along with this, make copies of your income statement, balance sheet, and records of your in-and-out cash flows of the necessary transactions that you have decided to include. It is for verification purposes, and you can manage them with the aid of accrual and cash methods. Also, remember to lock your Xero files to avoid disturbances during the course of conversion.

Step 2 Xero chat conversion

Now comes the time to set up the Chart of Accounts (COA) in QuickBooks to align it with Xero. You have two choices for this step. You can do it through the liner process by adding accounts after creating a QuickBooks account. There is even an option for you to export COA from Xero directly. To do this, go to settings and then select Chart of Accounts and then click Export. From here, you can download the CVS file and open it in the spreadsheet (Excel) and begin editing. Since Xero has no subaccounts, you can create groups by inserting digits followed by hyphens – 511-01, 511-02, etc. You can also import account numbers, account names, account types, and detail types into QuickBooks.

Step 3 Moving customer and company information

Now we have arrived at the most arduous task of all – adding vendor and customer details. This step can feel painstaking as QuickBooks cannot recognize the difference between the two and showcase both in the format of contacts. Hence, it is recommendable to move both at the same time and change names at the time of the second import. Once finished, you can easily separate it accordingly.

Another difference to take into account is while adding address information. Since Xero allows you to add two addresses, QuickBooks only lets you include one address. So, choose the one you need to retain or change the format to have both under the same heading.

For this, you can download the presentation form to transfer to QuickBooks by selecting “import Data” from Gear Icon from Tools and then selecting the type of data import you want to employ. After this, write down the file’s name, select the link, and download the sample document.

Step 4 Move your products and services. 

For moving products and services, crisscross the items on the Xero inventory page. For Quickbooks, certain items like bills and invoices will get encompassed under different transaction modes. So, you can place it before the transfer to avoid failure. Apart from this, you also have to do some alterations while importing products and services.

Inventory tracking can be time-consuming as it includes a lot of paperwork. You also have to include accurate information on the price and quantity of products. This phase will determine the value of the QuickBooks inventory even though you need to validate it with multiple journal entries. You also have to select the “buy” or “sell” and “Track” checkboxes while entering the inventory items.

Step 5 Transfer your bill transactions and invoices 

QuickBooks allows you to transfer 500 bills at a time. If it exceeds this quantity, then organize it by date and time and split the items. Since QuickBooks will not allow you to import data directly, you must do it with a third-party program.

Step 6 Transfer payroll transactions

Migrating your payroll transactions depends on a paid service provider. Generally, they will use the simplest method to move your payroll and track all the liabilities and expenses for a seamless import.

Step 7 Move your bank transactions.

This is the final complicated process, as it requires some good accounting skills. It is possible to import the general ledger transactions, but you have to do specific manipulations on the way. QuickBooks have bank feed functions that will allow you to transfer multiple accounts at the same time. However, to avoid intrusions due to larger files, you can even break it into 1,000 transactions and move it to bank feeds. Finally, you can accept and start registering.

Step 8 Verification

The Xero to QuickBooks transfer ends with verification. For this, first, you have to ensure that you have completed the account grouping in Charts of Accounts. You can either save it under one big account or add numerous smaller accounts by dividing it according to years or months. After setting up the bank accounts, compare profit and loss as well as the balance sheets of all transactions recorded in the initial step and match it with AP and AR report.

While doing the process, you might get stuck in-between or even clueless as the process is tedious and laborious. Hence, you can seek the assistance of external service providers.

Find robust professional and technological support with Initor Global UK’s accounting outsourcing services!

Many CA practitioners have to undergo the hassle of migrating from one accounting platform to another. You can lower the hassle associated with premier outsourced accounting services in the UK. Initor Global UK supports you with the best integration platform and ensures seamless migration from Xero to QuickBooks.

Read Also: How to Fix Quickbooks Error h202?

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