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 GST report for the remaining quarter (Mandatory)
If you use Cash-basis accounting, we advise you to migrate directly after the close and reconciliation of a GST (goods and services tax) period. Otherwise, the post-conversion work in QuickBooks Online can be a lot of work (considering partially paid invoices). Whether you are using either accrual or cash-basis GST reporting, please do take note of the following:
- Ensure all GST Lodgements are up to date before migration.
- Check GST Closing balance is correct for that period.
- Export GST Reports at the date of migration - you will need your Total Sales and Total Expenses, as well as, GST on Sales and GST on Expenses balances for post-migration checks.
Step 2 - Extract post-conversion check data (Mandatory)
After the conversion is done you need to be able to check the results. Therefore, we need to extract the following reports from your system:
- Profit and loss for the period ending at conversion date
- Balance Sheet as of conversion date
- Trial balance for the period ending at conversion date
- Bank Account balances as of conversion date
- A list of outstanding invoices of your customers and suppliers as per conversion date
For your guidance, reports to check and compare include but are not limited to the following:
|Balance Sheet||Balance Sheet|
|Profit and Loss||Income Statement (Profit and Loss)|
|Trial Balance||Trial Balance|
|Accounts Receivable Aging Summary||Aged Receivables Summary|
|Accounts Payable Aging Summary||Aged Payables Summary|
It would also be helpful to extract the above reports for the current fiscal period.
Step 3 - Extract data for auditing purposes (Mandatory)
When switching between different accounting systems, not all data is always converted to the new system. Hence, it is essential that you extract data from Xero for tax or for any other auditing purposes and keep it in a safe location.
Export the following reports for all accounting periods:
GST and other tax reports
Other reports that you deemed necessary
Xero access and post-conversion support
If pre-migration and post-migration issues are found and the 'Financial Adviser' role cannot be granted to firstname.lastname@example.org, any escalations and post-conversion support will be affected.