Apr 28, 2020 Author: Accounts Junction
What is the use of myob and Xero?
Handling your accounting documents as a side work along with your routine occupation is not everyone’s cup of tea. For this technology-driven world handling and updating accounts is usually carried by software.
Myob and Xero are two accounting software companies. They have revolutionized the way big and small businesses deal with their financial documents. All accounts work like tracking and calculation of GST, management of quotes, invoices and statements, tracking.
And paying expense, managing inventory, processing payrolls, managing customers and suppliers and whatnot, every work can be easily carried and completed by this software. Your work gets super-simplified as you work on an online platform.
Users switch over to Xero due to the following mentioned reasons:
1) Xero is cost-effective.
2) It has an easy and intuitive installation process.
3) It is more accessible.
4) You can easily run multiple reports on Xero.
5) Xero also supports multiple online currencies.
Conversion process
Conversion of Myob to Xero is quite easy. The steps are mentioned below.
1) Check the type of file
Starting with the conversion process, check the type of file. Check if your customers, vendors and contact details are in an easily accessible file. You need to ensure that the version of your file is handy with Xero.
2) Export the files
Export all the files from Myob. Transfer the documentation that you wish to access in Xero. Data including bank statements, salary slip, invoices, bills, etc can be exported to Xero.
3) Import data to Xero
Check for the type of files. The type must be accessible to Xero. You cannot import all the files altogether. Try to import individually for ease of work. Specific types of format must be used by different types of files.
4) Bank reconciliation in Xero
Your transactions must be regularly updated in your accounting software. The process that confirms the updation of your bank transactions in your accounting documents is called bank reconciliation. To access this step in Xero, you need to match the bank statement lines from your bank account (mentioned on left) with the different transaction details (mentioned on right). You can do this by scrolling through the reconcile tab.
5) Comparing both financials
Once you are done with the above steps, tally the details of Myob and Xero. This guarantees that you don’t miss out on any financial detail.
What can you expect after converting your data to Xero?
Higher quality reports
Xero gives you a better understanding of reports. You can easily handle your financial documents. It gives you a date picker too that updates the data itself. So, you get regular reports without any discrepancies.
Class tracking
It helps you classify the reports based on profit and loss. Accounting details like business departments, cost centers and location of financial activity are easily categorized using this feature. Xero gives an easy to manage data. You can segregate it and make your analysis super easy.
