Converting from MYOB to Xero – two main methods

Once you have made the great decision (in most cases) to convert from using MYOB Accounting software to using Xero Accounting Software you have to consider the conversion process. 

There are several methods to convert the accounting software and date for your organisation: 

1. The Clean Re-Start – manual 
2. Jet-Convert – 3rd Party software converter program 
3. The Clean Re-Start 

If you plan to change the chart of accounts or you know that the condition of the data and structure needs a big overall. Maybe you want to get rid of your customers’ and suppliers’ data and you you want to start again with a nice clean, unencumbered datafile, then a clean start may be the best option for you. This is quite a manual process. No historic transactions are included using this method of converting from MYOB to Xero. Using this method, it is best to have the start date as the beginning of your organisation’s financial year. 

The set up process of a Clean Re-Start 

The new Chart of Accounts needs to be: 

• Designed/Developed, 
• Customised for import, and 
• Imported into the newly set up Xero organisation 

Customers and Suppliers information 

• Can be entered manually as you enter transactions, or 
• Entered into an import spreadsheet and imported into Xero 

Employee 

• Payroll needs to be set up 
• Employee data is entered manually including employee opening balances (if your organisation has a different financial year to the tax financial year). Xero can help with this when there are a large number of employees 

Reporting 

• The reporting structure must be created 

Opening Trial Balance must be 

• mapped/compared with the last financial statements 
• converted to the new chart of accounts 
• entered into Xero 

Catch up 

• Manually import bank transactions 
• Enter & reconcile transactions from the the start date 

The advantages of a Clean Re-Start 

It is a great way to have a fresh start, a nice clean datafile with a whole new chart of accounts. Get rid of old and useless data 

Disadvantages of a Clean Re-Start 

• There are no historic transactions 
• The mapping from the old Chart of Accounts to the new can be tricky 
• The transactions need to be entered from the start date 
• Quite a manual process can take some time – especially when inexperienced
  
  JetConvert – 3rd Party software converter program 

Jet Convert is sponsored by Xero to assist with the easy conversion of data from MYOB (and other programs) to Xero. JetConvert has converted over 35,000 datafiles from other accounting programs (mostly MYOB) to Xero.  

Benkorp has used JetConvert many times for conversions and have found the conversion process and result excellent and the staff great to work with! There are a few instances when this automatic process is not possible, mostly due to strange transactions, & tax codes and more complicated inventory or multi-currency transactions. I have never had a problem converting church & NFP data from MYOB to Xero. 

 JetConvert offer the following services: 

Set up the new Xero Datafile including: 

• Chart of Accounts 
• Contacts (Customers & Suppliers) 
• Inventory Items 
• Tracking/Jobs 
• Payroll 
• Employee set up 

All transactions for up to 2 financial years – depending on the date of the last Rollover 

Jetconvert may additional services for a fee such as: 

• Extra year of full transactions 
• Monthly Comparative Balances 
• MYOB Macintosh Account Edge 
• Pre conversion check of your file 
• File fixes. (If needed)  
• Replace the Chart of Accounts as per the desktop, with your own custom COA – this involves a mapping process 

The Process 1-5 days 

• Prepare the MYOB datafile – click here for more details:  
• Upload the datafile 
• Select the required service(s) 
• Answers some questions 
• JetConvert does the conversion 
• Receive emails with an Action Checklist and an invitation to access the new Xero Account 

Post JetConvert Conversion tasks 

The Action Checklist will list some additional tasks required to complete the set up of the new Xero organisation. These generally include: 

• Complete the payroll & superannuation setup 
• Customise required Profit & Loss and Balance Sheet reports 
• Import or enter an budgets 
• Set up the new invoice format & Settings 
• Check the Settings 
• Delete or archive unwanted Accounts 
• Archive unwanted Pay Items 

 The advantages of the JetConvert Conversion process 

• Very quick 
• Accurate 
• Inexpensive 
• Can be done at anytime during the year 
• Mostly includes historic transactions 

Disadvantages of the JetConvert Conversion process 

• Any ‘unclean” transactions will be included 

For more information about JetConvert please click here 

Please contact us if you would like to discuss this article or the financial management of your church at [email protected] or 1300 138 627 

© Benkorp Management Services Pty Ltd 2018