MYOB to QuickBooks Data Migration and Conversion
MYOB software, full form stands for “mind your own business” is Australian software and a certified partner of Microsoft, i.e. it is compatible with all the Microsoft products. It is a windows-based accounting application and has almost all the features when compared to the QuickBooks. The few difference which may induce the user to switch from the MYOB software to the QuickBooks is: it restricts multiple users, employee portal is not there in payroll module, and also some may say that it lags in user-friendliness when compared to QuickBooks.
Steps to MYOB to QuickBooks Data Conversion and Migration
If you have taken the decision of transferring your accounting data from MYOB to the QuickBooks, then do not stress, you just need to follow the below simple steps in the same order to achieve seamless and easy migration.
Export Data in Excel from MYOB
Step 1. Export Account list – Open MYOB > File> Export data> Accounts. There are some differences in account types in the MYOB and the QuickBooks, you will have to open the export data in Excel and update the Account types as per the QuickBooks, for example, the cost of sales in MYOB would be Cost of Goods sold in the QuickBooks.
Step 2. Export Customer/ Vendor list – Export the vendor and customer list from MYOB and do modification as required for importing the data to the QuickBooks.
Step 3. Export other reports and items – Export other reports like account receivable and payable reports, transactions report, Inventory details, Invoices, and Bills, etc.
Import of Data in the QuickBooks
Once you have exported all the relevant reports from the MYOB in excel format, you can follow the below steps to import the data in the QuickBooks. But before initiating the import of the data, you need to create the backup of the export data on the local drive of your computer with a different name for easy identification:
Step 1. Install the QuickBooks desktop on your system or computer.
Step 2. Open QuickBooks and then go on Files, then click on Utilities and choose Import and finally click on Excel files. Now you can open the MYOB export data files that you have saved for the import purpose.
Step 3. Now select the type of data, and QuickBooks will open an excel sheet, enter all the information that you want to import, and click on “Add my data now”.
Step 4. After the above step, check and verify if the data imported in the QuickBooks is as per your expectation, and then click on close.
Step 5. For importing the chart of accounts, you need to click on List>Chart of accounts>Account> import from excel. And then select the modified excel export file created earlier, you can change the mapping names in this step as well. After the successful import of data, click on save.