Xero is a powerful accounting platform for small and medium sized businesses. It can save your business hours of work every month and we recommend the switch to this platform. Transferring data is not hard but it needs accuracy and patience.
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Since its introduction in Australia in 2008, Xero has revolutionised accounting for businesses with the ability to work on the same set of accounts no matter the location or operating system. Xero continues to grow in capability with over 500 software integrations, designed to connect with other software packages to streamline business accounting.
When converting charts of accounts to Xero, you should make sure you have gone through your list and have archived any obsolete or unused accounts by exporting the list to Excel in a CSV file and manually deleting them. Any balances in your account chart will be exported to Xero so if you do not want to replace any balances already in Xero, you should leave the column in your file blank. Finally, review the codes and account types of your current accounts to make sure they are all correct, save the file and start the conversion.
Xero has its preferred set of file formats such as OFX, QIF and CSV. The most common file type when importing a customised set of chart of accounts or client contacts into Xero is the Microsoft Excel CSV, which you can convert into Xero’s preferred templates within the system.
It is important that the data is correctly allocated when getting your data ready for importing. The four mandatory main fields of data that need to be filled out for the import to properly work are Account Code, Account Type, Account Name and Account Tax Code.
The account code provides a unique code for each account. Create an account code of up to 10 characters in length. The account type is attached to the account code and includes asset, income, expense, liability or equity accounts. Check out the specified account types you must use in Xero.
The account name is the description of the account. Make sure you create a unique account name of up to 150 characters in length to avoid confusion with other accounts. The GST default code should be correct for each account so that when transactions occur, the GST is calculated automatically. If you do not select a tax code, the account will be imported with the rate “No GST.”
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It is important that your data is correctly formatted. Check that every column in your data have a column header. You file must also have 700 or fewer rows so if you have more accounts than this, you can directly add them to your new chart of accounts after import. Non-English characters in your accounts should be saved as a Microsoft Excel text document so the characters do not get removed from the file. You can import them into Xero with its CSV import process.
Once all your data has been collated and all items in the import file are correct, you can save the file in one of the aforementioned formats and start transferring over your chart of accounts. Log in to your Xero file, click the Accounting menu at the top and click Chart of Accounts. If your CSV file has been converted to a Xero template, select Xero as the system you are importing from. If your file has balances, select your conversion date, click the Browse button to see the saved chart of accounts file on your computer and click Import.
You should review the chart of account file import to avoid any errors in the import. If there are errors, you will have to revise the file and import again. If there are bank accounts listed in the import file, choose the bank account type (bank, credit card or PayPal), add the bank account number and click Save. After that, you have successfully imported your chart of accounts to Xero.
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As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Here are two other ways we help business owners grow their business:
- Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)
- If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here
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