FAQ

If a few very simple steps are taken to prepare for conversion to MYOB, it will make the process smoother and much quicker.

Please review the FAQ’s below and implement the suggested actions to ensure your file is ready for the conversion process.

Reckon QuickBooks

If you are currently a Reckon QuickBooks user please refer to the FAQ’s below:

How to Prepare for QuickBooks to MYOB Conversion

Get the best conversion results by performing the following key recommended steps:

It is critical that all users stop entering data once the conversion process has started. Additional costs may be incurred if users enter data after the conversion has commenced.
Ensure that all your bank and credit card accounts are fully reconciled up to the latest possible date. Examine and address unreconciled transactions, and identify issues such as duplicate entries.
Resolve in QuickBooks all outstanding invoices or bills that are not going to be paid.
Revisit your contact lists and employee leave records to make sure they are accurate and consistent.
Make a file backup, complete the submission process, and send us the file for conversion to MYOB.
Review your inventory. Note that MYOB does NOT handle negative stock. If you have this in QuickBooks, you will need to make an adjustment.

What will happen to your accounts?

CHART OF ACCOUNTS. Your chart of accounts will come into MYOB with the same account names and account balances but with a different numbering structure.
TRANSACTION HISTORY. Your full transaction history will come across for the current and previous financial year – but only as journal entries.
PAYROLL. You will be able to run your year end payroll register, as your year to date data will be converted across to MYOB. Payroll transactions come across as journal entries only.
TRIAL BALANCE. So you can check the accuracy of the conversion yourself, we will provide you this from your QuickBooks file and from your new MYOB file.
OPEN AND CLOSED INVOICES AND BILLS. The conversion will not bring across closed invoices and bills; they will come across as journal entries in the same way the transaction details do. All open bills and invoices will come across with full information.
INVENTORY. Your inventory codes will change on conversion, but the inventory description will remain the same.
INVENTORY CODES. Inventory items will maintain the same links to sales and expense accounts as in QuickBooks. Quantities and value on hand will also come across.
JOB/CATEGORY/TRACKING CATEGORIES. The conversion will NOT bring across any job / category / tracking categories.
LEAVE ENTITLEMENTS. Any leave entitlements that are recorded in your Quickbooks file will be reflected in your new MYOB file.
BANK AND CREDIT CARD ACCOUNTS. These will be presented in MYOB as they were in QuickBooks. Any unpresented amounts will be brought across.
LINKED ACCOUNTS. All these will be correctly set up and available for use.
MULTIPLE CURRENCIES. MYOB will NOT support these at present.

Post-QuickBooks Conversion

We recommend you obtain the advice of your tax agent or financial adviser in completing your first round reporting after the conversion.

Xero

If you are currently a Xero user, please refer to the FAQ’s below:

How to Prepare for Xero Conversion

Get the best conversion results by performing the following key recommended steps:

You need to invite us into your Xero file with Financial Advisor access. To do this, go to Settings > General Settings > Users > Invite a User. Allow us Financial Advisor Access and Payroll Access. Follow our submission process to begin conversion.
It is critical that all users stop entering data once the conversion process has started. Additional costs may be incurred if users enter data after the conversion has commenced.
Ensure that all your bank and credit card accounts are fully reconciled up to the latest possible date. Examine and address unreconciled transactions, and identify issues such as duplicate entries.
Resolve in Xero all outstanding invoices or bills that are not going to be paid.
Keep only real transactions in your file.
Revisit your contact lists and employee leave records to make sure they are accurate and consistent.

What Will Happen to Your Accounts?

CHART OF ACCOUNTS. Your chart of accounts will come into MYOB with the same account names and balances but with a different numbering structure.
TRANSACTION HISTORY. Your full transaction history will come across for the current and previous financial year – but only as journal entries.
PAYROLL. You will be able to run your year-end payroll register, as your year to date data will be converted across to MYOB. Payroll transactions come across as journal entries only.
TRIAL BALANCE. So you can check the accuracy of the conversion yourself, we will provide you this from your Xero file and from your new MYOB file.
OPEN AND CLOSED INVOICES AND BILLS. The conversion will not bring across closed invoices and bills; they will come across as journal entries in the same way the transaction details do. All open bills and invoices will come across with full information.
INVENTORY. Your inventory codes will change on conversion, but the inventory description will remain the same.
INVENTORY CODES. Inventory items will maintain the same links to sales and expense accounts as in Xero.
JOB/CATEGORY/TRACKING CATEGORIES. Only one type of tracking code per transaction can be brought into MYOB. The conversion will NOT bring across any of these tracking categories.
LEAVE ENTITLEMENTS. Any leave entitlements that are recorded in your Xero file will be reflected in your new MYOB file.
BANK AND CREDIT CARD ACCOUNTS. These will be presented in MYOB as they were in Xero. Any unpresented amounts will be brought across.
LINKED ACCOUNTS. All these will be correctly set up and ready for use.
MULTIPLE CURRENCIES. MYOB will NOT support these at present.

Post-Xero Conversion

We recommend you obtain the advice of your tax agent or financial adviser in completing your first round of reporting after the conversion.