QuickBooks Online Integration to Xero migration - Task list
In this article, we'll go over the steps required from you, the client, to ensure a smooth migration of QuickBooks Online>Xero
Important - Please read before you proceed!
Because QuickBooks Online will be removed as your accounting integration in Loft, that connection to QuickBooks Online will be broken and essentially gone, like a closed road. All transactions prior to your migration can not be pulled back out of QuickBooks Online, therefore, the following can not be done for all deals pre-migration:
- Changes or corrections to deals
- Removing transactions
It's important to know this because if you're planning on switching to Xero for a certain date, you will need to make sure all your deals are correct in Loft and if not, make any corrections to those deals before your migration date. Also, any deals prior to migration can not be batched to Xero.
Subscribe to Xero.
Your account must be Standard subscription
Xero preparation tasks
In Settings>Advanced
- Set up your Xero's financial Settings https://central.xero.com/s/article/Set-up-your-organisation-s-financial-details
- Set up your Tracking Category as Office, learn more here https://central.xero.com/s/article/Set-up-tracking-categories-GL
- Confirm your Office(s) is set up under your Category as Category Options. You can view your offices on your Brokerage page, make sure they're spelled exactly alike in Xero
- Export your COA out of QuickBooks: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/how-to-export-chart-of-accounts-to-excel/00/803653#M113097
- Import your COA into Xero: https://central.xero.com/s/article/Import-a-chart-of-accounts-GL
- Ensure your current G/L Bank accounts, G/L account codes, Mapping accounts & G/Ls used in Deduction Templates are set up in Xero, this will happen organically when you import your Chart of Accounts, so that we can map from the QuickBooks general ledger account to the Xero general ledger account.
- If applicable, Tax accounts must be set up (CDN clients only) https://central.xero.com/s/article/How-your-default-tax-rate-and-account-settings-work
Things to note
Don't load your agent contact list into Xero, the first Loft47>Xero Sync will load the agents into Xero!
Invite Loft
Once everything on this list has been completed, invite lofttechnologies@loft47.com as an Advisor Role. This is the trigger for us to schedule development to run the accounting conversion. Please note the migration can take up anywhere from 24 to 48 hours after being scheduled.
Related Articles
Xero to QuickBooks Online Integration migration - Task list
In this article, we'll go over the steps required from you, the client, to ensure a smooth migration of Xero>QuickBooks Online Important - Please read before you proceed! Because Xero will be removed as your accounting integration in Loft, that ...Xero VS QuickBooks Online Integration
Differences between Xero & QuickBooks Online integrations with Loft47. Pricing Pricing in Canadian $ & USD $ Xero's cost for the standard version required to integrate with Loft is around $48/monthly (they change their prices, so visit www.xero.com ...What journal entries does Loft post to QuickBooks Online?
Processing transactions through Loft automatically generates the accounting entries in QuickBooks Online. The following descriptions show you the results of Loft activities in your accounting records. Deposits When you post a deposit as a receipt in ...Canadian QuickBooks Online Sales Tax Postings and Filing
Unfortunately, the QuickBooks Online API will not allow Loft to post sales tax the same way we are able to in Xero. In an Agent's payout we post a bill to be paid to the Agent. This bill will include posting the top line commission expense and income ...Connect to QuickBooks Online
Please note, disconnecting from QuickBooks Online will no longer allow you to post batches from Loft! Follow these quick steps to get your QuickBooks Online account connected/reconnected to your Brokerage in Loft47. Connect QuickBooks Online 1. ...