Converting accounting systems from one to another can be a complicated procedure. It becomes more daunting if you’re in business for a long time, then you have several GB of data to convert. But do not worry, we are here to help you out with this issue. We come up with an easy and simple guide to convert your data from Xero to QuickBooks.
As we all know Quickbooks and Xero is the most demanding accounting software for small and medium-sized enterprises around the world. Both the software are designed to maintain the accounting and book-keeping activity of a business. But there are some differences in both the software that can be explained in this post, so read it at the end and let us know what you think about in the below comment section.
So now, this post is going towards explaining what both software is and its features along with its pro and con? These pieces of information will help you to convert Xero to Quickbooks online easily. So without any further ado, let’s get to the point.
QuickBooks and Xero: Definition
Quickbooks is developed by Intuit, an American software development company. The main purpose behind this software is to assist small and medium-sized companies in terms of maintaining their accounting and book-keeping tasks. This software is much renowned all around the globe because of its user-friendly interface and cloud-based software. These features help users to access their data from anywhere, anytime, and on any device as this software is also responsive for mobile, tab, and web. You can perform almost every accounting task on Quickbooks such as payroll management, bill payments, track inventories, a reminder for future payments, and much more. Most of the tasks this software automatically does on its own without any human interference.
Xero is software developed by Rod Drury and Hamish Edward under the company name Accounting 2.0 based in Wellington. This software is designed for small and medium-sized companies to maintain their accounting and book-keeping tasks. It has millions of users around the globe because it also has cloud-based software like QuickBooks. Through Xero a user can perform multiple tasks under one roof such as invoicing, account payable, expense claim, purchase order, accounting, and management reporting, fixed asset depreciation, and many other activities. It also has mobile accessibility.
As the above definition of both software signifies that both software is more likely similar to each other. But, if you are the one who switched your accounting system from Xero to Quickbooks and wants to transfer data for the same, then you are at the right place to know how to do it in no time without much hassle.
Things To Keep in Mind
Before hopping to the conversion you need to keep some important points in mind and these points are:
- Save a copy of the Balance sheet and income statement of all dates.
- Create a backup for detailed account receivable and account payable reports.
- lock the Xero file for dates before the conversion date so that no one makes changes after you begin.
Steps to Convert Xero to Quickbooks Online
Follow the below steps to export Xero to Quickbooks
Step 1: Convert Xero Chart of Account
The very first step towards converting Xero to Quickbooks is to export and set up the Xero Chart of account (COA) in Quickbooks Online (QBO). do follow the process below:
- Open the Xero on the device.
- After that go to the setting option there and select the Chart of Accounts there
- And then, click on the Export option, which will download the Comma-separated Value (CSV) on the device.
- Open the CSV file with Excel or any spreadsheet program to edit.
- After the export is completed, wait till the transaction has been imported and then, clean up the Quickbooks online slightly
Step 2: Import Vendors and Customer into QBO
All the data related to the customer and vendors list in Xero are contained under contacts where no specific distinctions are required. Import the entire list from Xero to Quickbooks online and make changes that are required.
Also Read, How to Convert Quicken To Quickbooks?
Step 3: Important products and service
In this step, the user needs to import the products and services to the QBO. but after importing, you have to make some important changes in the exported file’s format because the Xero files format does not match with QBO’s format. You just have to make sure to check the checkbox beside the Buy, Sell, and Track option during import.
Step 4: Import Invoice and Bill Transaction
After the above steps, you have to import Invoices and Bill Transactions to the QBO from Xero. use a Third-party program to transfer these data, you can import up to 500 invoices or bills at a time to QBO.
Step 5: Import Payroll and Bank Transaction
After transferring invoice and Bill transactions, it is important to transfer the relevant data of Payroll and Bank transactions to the QBO.
Step 6: Verify Result
Finally, after importing each and everything from Xero to Quickbooks you have to vary the conversion result. To verify the result, you just have to compare the conversion result with the original file in the Xero.
Due to the changes in format, you need to carry out some manipulations on QBO. Depending on your operations and requirements, customized reports for every company have to be prepared.
Regarding all the above information, we hope you might have converted your data from Xero to Quickbooks. We provide you with a guide where every step is explained to ease your conversion path. It is advised to always seek expert help when you opt to convert Xero to Quickbooks online to avoid any major accounting problems.
If you like this post and it helps you to accomplish your task you can also check out another post on our website. We covered other topics related to Quickbooks such as solutions for different QB errors and conversion of Peachtree to Quickbooks.