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If you are transitioning from MYOB or another accounting software package to Xero, follow these steps to set up your Xero software with Opening Balances.

1. Conversion Balances - Trial Balance

Run a trial balance in your old accounting package as at the last date in the period. Eg 30-06-2021. Note this can be any date, as long as in the old accounting package all accounts, debtors and creditors are reconciled to that date.

Click on Accounting then choose Advanced from the drop-down menu. Click conversion balances

Trial Balance Xero

2. Add outstanding Sales

Using the Xero Accounts Receivable balance entered in step one above, you now need to enter the outstanding sales PRIOR to the commencement date for using Xero. Eg prior to 01-07-2021

Outstanding sales can be entered manually or by importing these transactions if there are many.

In this example, we Manually input the outstanding sales information using the add invoice button

outstanding sales

Once entered you should see green tick matched as shown below:

sales

3. Adding outstanding purchases

Repeat the process above for your outstanding suppliers/creditors.

Choose Add Bill and enter the total accounts payable amount. Again ensure the dates are in the prior period.

Examplepurchases

Once entered you should see matched as below:

matched

Conversion Balances should now be correct.

balances

4. Full access to Xero Courses and tutorials

Want to learn more about Xero? Have full instant course access to tutorials and guides here

If you are looking to re-skill or up-skill but unsure of which course best suits you, get in touch with one of our consultants today and we will endeavour to help you.

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