We expect that you have already covered the general pre-conversion steps and you can simply go ahead with the remaining ones on this list.
This article outlines the specific pre-conversion steps for Xero.
Click here for the general pre-conversion checklist.
Step 1 - Do your taxes (VAT/GST) report for the remaining quarter (Mandatory)
Note: If you use Cash based accounting, we advise you to migrate directly after close (and reconciliation) of a taxes (VAT/GST) period. Otherwise, the post-conversion work in the QuickBooks Online can be a lot of work (considering partial paid invoices).
We need to do your first tax report based on the old data in Xero. Suppose we are converting on April 14 and we need to post our tax report every quarter to the tax agency. This means we are converting in the middle of a tax period. You need to do a tax report for the period April 1 until April 14 in Xero.
To start this process:
1. Click Reports under the Accounting menu
2. choose the VAT Return option.
3. Click: "View" under "Looking to see VAT/GST Transactions for your own date range?"
4. Select the data range, this is the start of the quarter until the current date (conversion date)
5. Click "Display"
6. Export the report to PDF
After the conversion, we will use this information to make a full report. We do this by adding the amounts in the boxes together (in the old and new software).
You can read more about our VAT process here.
Step 2 - Extract post-conversion check data (Mandatory)
After the conversion is done, you need to be able to check the results. This is why we need to extract the following reports from your system:
1. Profit and loss until conversion date
2. Trial balance until conversion date
3. Balances on your bank accounts
4. Print a list of outstanding invoices of your customers and suppliers per conversion date
Step 3 - Extract data for auditing purposes (Mandatory)
When switching the accounting systems, not all data is always converted to the new system. Therefore, it is essential that you extract data from Xero for the tax or any other auditing purposes, and keep it in a safe location.
Export the following reports for all the accounting period:
- Sales Tax report
- Account Transactions
Notes: Xero access and post-conversion support
If there are issues pre and post-migration, and the 'Financial Adviser' role cannot be granted to firstname.lastname@example.org, any escalations and post-conversion support will be affected.