If you have recently switched your accounting software from Xero to QuickBooks and looking for steps to migrate the data from the former to later, you are at the right place. We will cover how to export data from Xero in supported format that can be imported into QuickBooks, steps to import data into QuickBooks and other as aspects as well. Learn more about Xero to QuickBooks conversion.
Let us first see what can be converted and what cannot be converted from Xero to QuickBooks.
Xero Data that can be Migrated from Xero to QuickBooks
- Chart of Accounts with customized mappings.
- Customer details, supplier details.
- Opening account balances.
- Receivables and Payables.
- Bank transactions, Credit cards.
- Invoice and Credit notes.
- Bills and bills credited.
- Manual journals, Inactive contacts/ accounts.
Xero Data that would not be Transferred or Migrated
At this time, the following Xero data is not transferred to QuickBooks:
- Multi-currency data and memorized transactions.
- Templates like invoice templates and others.
- Sales orders, payroll records, projects and attachments.
- Fixed assets, expense claims, payment terms, custom VAT rates, time sheets, customer jobs, unreconciled entry.
- No-posting entries like estimates.
How to Transfer the Data from Xero to QuickBooks?
Exporting the Data from Xero
The first step would be to export the data from Xero accounting software. You can export the below data in Excel or CSV format and then import it in QuickBooks Online:
- Accounting data (transactions, Balance sheet, Profit and loss, Trial Balance, Receivable report, Payable report, Fixed asset reconciliation, Inventory details, Bank reconciliations, Sales/Purchase report, etc.).
- Budget report.
- Chart of Accounts.
- Vendor/ Customer& Employee contact list.
- Invoices and Bills.
Step 1. Chart of Accounts:
First step would be setting up of the chart of accounts in QuickBooks so that it matches with Xero. For this you need to Click on Settings > Chart of Accounts > Export. Download the CSV file, make the changes as per Xero, clean the data a little bit and then import it again in QuickBooks.
Step 2. Transferring Vendors and Customers in QuickBooks Online
You will see that the customer and vendor list in Xero does not have any specific distinction, they are grouped under contract. You can import the entire list in QuickBooks Online and make the changes as required.
Step 3. Transfer of Products and Services in QuickBooks
You will find that the format of product and services in QuickBooks does not match with Xero, so you will need to make various changes after importing the data. During the import process, ensure to checkmark the boxes like buy/ sell and track.
Step 4. Importing Invoice and Bills Transaction
You can import up to 500 invoices and bills in QuickBooks Online at a time but you might need a third-party application to do this.
Step 5. Importing Payroll and Bank Transaction
You need to first import payroll and then bank transactions in QuickBooks.
Step 6. Review and Verifying the Result
You need to now review and verify the result from the Xero data file. You may have to carry out some edit work due to change of format in QuickBooks Online.
Using Import Data tool functionality in QuickBooks Online
For all the Items Except Chart of Accounts
Click on File > then Utilities and then Import Excel or CSV files. Once you have imported these items, review and verify the data as discussed earlier as well.
For Chart of Accounts
Click on List > Chart of Accounts > Accounts and then, Import from Excel.
Something that you should take care of Before Actual Migration of Data from Xero to QuickBooks
Consider below points as a pre-migration checklist or prerequisites before you migrate data from Xero to QuickBooks via a migration tool:
- If you have existing company file in your QuickBooks Online account, you will need to cancel your subscription and create a new account as data transfer cannot happen between Xero and QuickBooks Online if later already have existing data in it.
- You should create proper backup for your Xero data file, as it will be come in handy later at the time of reviewing and verifying the result.
- You should also reconcile all your bank and credit card accounts to the recent statement and make the note of the remaining balance in your bank accounts as you will need this while preparing post-transfer reconciliation in QuickBooks Online.
- You should migrate to QuickBooks Online directly after close if you are using cash-basis accounting, otherwise the post transfer work in QuickBooks can be huge.
As you must have known by now that the process is quite complex and require a lot of diligence and careful working. So, if you are feeling overwhelmed, then you can also take help from third party website who are experts in data import process. One of such products is Dancing Numbers Importer, it will help you in importing vendors list, chart of accounts, customers list items and other data in a seamless manner. It will also help you in exporting the data from Xero in .CSV or excel format in no time. You will just have to fill the requisition form and they will take it from there.
How can I Export the Accounting Data from Xero?
You need to first open the application, go to the accounting menu > advanced and then click on export accounting data. Select date range of data export > click on download and open and save the file on your computer.
What is the Different Between Xero and QuickBooks Online?
Both the accounting software are built on the similar platform and intended for similar audience i.e., small and medium sized businesses. But it would not be wrong to say that, it is good to start with Xero but if your business is growing, QuickBooks will offer you the scalability that you need.