Home – New Forums Money matters Converting MYOB into Xero

  • This topic is empty.
Viewing 13 posts - 1 through 13 (of 13 total)
  • Author
    Posts
  • #978751
    Tall Trees Eco Store
    Member
    • Total posts: 52
    Up
    0
    ::

    After reading a number threads over the last couple of days, I’ve decided to move my accounts to a cloud based system, perhaps Xero. I have received my $850ish invoice from MYOB and obviously if I don’t pay, no new tax tables (or the never used but valuable support) for the new year.

    Cloud accounting software is definitely the way to go and from what I can gather Xero seems to be the one. But please throw more suggests out!

    What I need to know is how easy is it to actually convert my MYOB file over to Xero. I have read the Xero help section and it’s doable but has anyone had any experience completely changing from desktop to cloud. I am quite computer savvy but if there is any advice before I get going or any other cloud based suggestion, I’m all ears!

    #1109284
    Dardee
    Member
    • Total posts: 430
    Up
    0
    ::

    What are you looking to convert over?

    Our normal conversion is $500 + GST and includes:

    • Chart of Accounts
    • Customer Contacts
    • Supplier Contacts
    • Open Accounts Receivable invoices
    • Open Accounts Payable Invoices
    • Closing Account Balances
    • Up to 10 Employees (more than 10 is extra)
    • Employee entitlement Balances

    If you don’t need Payroll moved over it’s $300 + GST.

    If you are looking to bring over transaction data then that becomes a more difficult proposition (and more expensive one).

    Are you looking to integrate your shopping cart and Xero? What cart do you currently use?

    There is a whole host of options and questions that go along with them.

    Something to think about….

    #1109285
    jetbookkeeping
    Member
    • Total posts: 53
    Up
    0
    ::

    The end of the financial year is certainly a good time to convert over. It means you do not have to worry about combining figures in different systems. But if there is a large backlog, I recommend doing that in Xero with an imported bank statement.

    Before deciding on a new system, really review you needs. Converting always takes time and costs money, no matter how great the support. So make sure the system you choose does all you need.

    The other big online accounting package is Saasu. I have compared Xero and Saasu features in detail. Hopefully that helps you choose.

    #1109286
    Tall Trees Eco Store
    Member
    • Total posts: 52
    Up
    0
    ::
    jetbookkeeping, post: 121550 wrote:
    The end of the financial year is certainly a good time to convert over. It means you do not have to worry about combining figures in different systems. But if there is a large backlog, I recommend doing that in Xero with an imported bank statement.

    Before deciding on a new system, really review you needs. Converting always takes time and costs money, no matter how great the support. So make sure the system you choose does all you need.

    The other big online accounting package is Saasu. I have compared Xero and Saasu features in detail. Hopefully that helps you choose.

    Great comparison, Alexander! I think it does cement Xero for me. My new company is only a few months old so it won’t be too hectic to convert. Thank you :)

    #1109287
    Tall Trees Eco Store
    Member
    • Total posts: 52
    Up
    0
    ::
    Dardee, post: 121540 wrote:
    What are you looking to convert over?

    Our normal conversion is $500 + GST and includes:

    • Chart of Accounts
    • Customer Contacts
    • Supplier Contacts
    • Open Accounts Receivable invoices
    • Open Accounts Payable Invoices
    • Closing Account Balances
    • Up to 10 Employees (more than 10 is extra)
    • Employee entitlement Balances

    If you don’t need Payroll moved over it’s $300 + GST.

    If you are looking to bring over transaction data then that becomes a more difficult proposition (and more expensive one).

    Are you looking to integrate your shopping cart and Xero? What cart do you currently use?

    There is a whole host of options and questions that go along with them.

    Something to think about….

    Thanks Darren! I was wanting to covert the company I’m currently selling since MYOB fees are due now and we’re still a little while away from hand over. Talk of cloud based software and my accountant hating MYOB led me to think maybe now is the time however I think I’ll just leave it up to the new owners!

    I’m still considering it for my new company (Tall Trees). It’s only a few months old so it won’t be too much of a hassle.

    #1109288
    PrimeBookkeeping
    Member
    • Total posts: 2
    Up
    0
    ::

    No matter what system you migrate to (online or desktop), be careful if you are under the cash method for GST and accruals for accounting. I always find the following method the safest and most methodical to ensure you get things right.

    The simplest way to being in your chart of account opening balances is to do a general journal entry … take your trial balance from your previous system and journal it straight into the new system. Or, in some cases, as part of the set up wizard of the new system, it will ask for the opening balances.

    If you have opening debtors &/or creditors, then when bringing them in you don’t want the system to adjust these opening chart of accounts balances … but you do want to have the GST picked up by your BAS reports when the time comes. So, for debtors, I do the following:

    1. raise an invoice as of the original invoice date
    2. create 3 lines on the invoice:

    Line 1 – code the full GST-inclusive invoice amount to Trade Debtors with no tax code used
    Line 2 – code the full GST-inclusive invoice amount to your GST account in the balance sheet, but select the GST tax type
    Line 3 – code the full GST-inclusive invoice amount as a negative amount to this same GST account, but this time select no GST type

    The net affect of this is that the GL postings have no net affect on the chart of account balances for Trade Debtors or the GST account (they cancel each other out) … but your BAS will be all good when the money is receipted. The same logic applies to Trade Creditors, except the first line item would get coded to the Trade Creditors GL account.

    If you have outstanding cheques, I normally bring them in by creating a payment in the new system dated the date of the original cheque, and coding the GST includive amount of the cheque to your bank account GL code. Again, this method has no net affect on your GL opening balances, but sets up your bank rec to have these outstanding cheques. But who uses cheques anymore!

    Give me a yell if any of that is confusing to follow :-)

    #1109289
    MyGreatIdea
    Member
    • Total posts: 2,278
    Up
    0
    ::

    Personally, I would import (or have someone else do it) everything from MYOB as you have it now.

    The beauty of Xero is that it never rolls over, so by having all your transactions from the start of trading in Xero, you’ll have easy access to them, in one place. Makes much more sense than leaving a few months of transactions sitting in a MYOB data file.

    Wendy :)

    #1109290
    Tall Trees Eco Store
    Member
    • Total posts: 52
    Up
    0
    ::
    PrimeBookkeeping, post: 122143 wrote:
    1. raise an invoice as of the original invoice date
    2. create 3 lines on the invoice:

    Line 1 – code the full GST-inclusive invoice amount to Trade Debtors with no tax code used
    Line 2 – code the full GST-inclusive invoice amount to your GST account in the balance sheet, but select the GST tax type
    Line 3 – code the full GST-inclusive invoice amount as a negative amount to this same GST account, but this time select no GST type

    I get where you’re going with this. I definitely will be able to work through what you have written here. I’ve just finished recon the bank account etc and brought the balances up to date so I’m about ready to import/export into Xero. I’ll be tackling it all tomorrow and I’m hoping for a easy transition as Wendy just said. I’ll definitely be triple checking the GST component of it.

    Thanks! :)

    #1109291
    Dardee
    Member
    • Total posts: 430
    Up
    0
    ::
    PrimeBookkeeping, post: 122143 wrote:
    If you have opening debtors &/or creditors, then when bringing them in you don’t want the system to adjust these opening chart of accounts balances … but you do want to have the GST picked up by your BAS reports when the time comes. So, for debtors, I do the following:

    1. raise an invoice as of the original invoice date
    2. create 3 lines on the invoice:

    Line 1 – code the full GST-inclusive invoice amount to Trade Debtors with no tax code used
    Line 2 – code the full GST-inclusive invoice amount to your GST account in the balance sheet, but select the GST tax type
    Line 3 – code the full GST-inclusive invoice amount as a negative amount to this same GST account, but this time select no GST type

    The net affect of this is that the GL postings have no net affect on the chart of account balances for Trade Debtors or the GST account (they cancel each other out) … but your BAS will be all good when the money is receipted. The same logic applies to Trade Creditors, except the first line item would get coded to the Trade Creditors GL account.

    If you have outstanding cheques, I normally bring them in by creating a payment in the new system dated the date of the original cheque, and coding the GST includive amount of the cheque to your bank account GL code. Again, this method has no net affect on your GL opening balances, but sets up your bank rec to have these outstanding cheques. But who uses cheques anymore!

    Give me a yell if any of that is confusing to follow :-)

    You cannot select Accounts Receivable (Trade Debtors) or Accounts Payable (Trade Creditors), or a Bank account in Xero when entering an invoice. So the above does not work in Xero.

    Best to read the Help Notes for Opening Balances from within Xero.

    #1109292
    Geoffreymyobcc
    Member
    • Total posts: 1
    Up
    0
    ::

    Have you looked into MYOB Live Accounts and decided you prefer Xero?
    You may find it easiser to use, given your MYOB experience.

    If you don’t need the functionality of AccountRight Plus then Live Accounts is a much cheaper alternative at $25/month and with the benefit of live bank feeds, which can save lots of data entry work.

    Don’t know of anyway to avoid manually entering everything but contacts and items at present, from MYOB

    Whatever way you choose to go I trust it will go smoothly.

    Geoffrey

    #1109293
    CloudAccounting
    Member
    • Total posts: 12
    Up
    0
    ::
    Tall Trees Eco Store, post: 121533 wrote:
    After reading a number threads over the last couple of days, I’ve decided to move my accounts to a cloud based system, perhaps Xero. I have received my $850ish invoice from MYOB and obviously if I don’t pay, no new tax tables (or the never used but valuable support) for the new year.

    Cloud accounting software is definitely the way to go and from what I can gather Xero seems to be the one. But please throw more suggests out!

    What I need to know is how easy is it to actually convert my MYOB file over to Xero. I have read the Xero help section and it’s doable but has anyone had any experience completely changing from desktop to cloud. I am quite computer savvy but if there is any advice before I get going or any other cloud based suggestion, I’m all ears!

    We can help with this check out our solutions at http://www.cloudaccountingaustralia.com.au We can covert, get your Xero subscription and do all your tax compliance work so a one stop Cloud Accounting Soution.

    #1109294
    Migrate
    Member
    • Total posts: 1
    Up
    0
    ::
    Tall Trees Eco Store, post: 121533 wrote:
    After reading a number threads over the last couple of days, I’ve decided to move my accounts to a cloud based system, perhaps Xero. I have received my $850ish invoice from MYOB and obviously if I don’t pay, no new tax tables (or the never used but valuable support) for the new year.

    Cloud accounting software is definitely the way to go and from what I can gather Xero seems to be the one. But please throw more suggests out!

    What I need to know is how easy is it to actually convert my MYOB file over to Xero. I have read the Xero help section and it’s doable but has anyone had any experience completely changing from desktop to cloud. I am quite computer savvy but if there is any advice before I get going or any other cloud based suggestion, I’m all ears!

    Hi there, I can help you with the conversion from MYOB to Xero. I work in a company where i convert myob files to Xero format. I am experienced in CSV file. Please email me on [email protected] and will quote you reasonable price. We charge our fee after the conversion :)

    #1109295
    nominal
    Member
    • Total posts: 504
    Up
    0
    ::
    Tall Trees Eco Store, post: 121533 wrote:
    … I’ve decided to move my accounts to a cloud based system, perhaps Xero. I have received my $850ish invoice from MYOB and obviously if I don’t pay, no new ta x tables

    I am not sure I follow your reasoning.. you hate paying MYOB 850$ per year for upgrade and support so you decided that you need to use online accounting (and probably pay $600 per year)?

    I am well aware of why people are leaving MYOB, in fact search for “MYOB alternative” and you will see what I mean :-) but make sure that you’re going to use online accounting for the right reasons. (do you need web access or mobile access? do you need web invoicing or web payroll? etc)

    As for migrating from MYOB, getting the lists (accounts, contacts, items) is easy, getting the transactions is a little trickier.

    Good luck.

Viewing 13 posts - 1 through 13 (of 13 total)
  • You must be logged in to reply to this topic.