Chart of Accounts

Chart of Accounts

All accounts including bank accounts come across in the conversion regardless of their status. This is because there may be transactions associated with these accounts. If you have accounts that you do not want to use you can archive them in Xero following conversion. We recommend you to archive accounts only where there is a $0 statement balance displaying and no transaction recorded. The Xero Help article is at this link. Deleting or Archiving Accounts

Header accounts will come into Xero as another GL account and you may need to customise reports in Xero post conversion to reflect the appearance of the source file report.

Account numbers

Account numbers are as per the source data file with the hyphen removed (if there was one). Account numbers are restricted to 10 characters in Xero, so will be truncated. The Xero account description is limited to a field length of 150 characters. Where the description exceeds Xero limits, it will be truncated with a number suffix.

Where there are no Account numbers in the source file we will fill in the Chart of Accounts with system generated numbers. You can then update in Xero post conversion.

Default tax codes

Default tax codes are reproduced per your original your accounts as closely as possible. If the default tax codes were not setup then they will display as “BAS Excluded” in Xero. You can easily update the “default tax codes” in Xero in order to speed up the creation of invoices, bills, manual journals and the reconciliation process.
For more information, click on this link to Xero Help for changing default tax codes

Report Codes

Report Codes are not matched into Xero. The report codes in MYOB Reckon or other accounting systems do not match those available in Xero. A great method to standardize accounts and report codes is to use the premium option with the Custom COA. It supports report codes available to Advisors to provide customized financial reports as well as those who use Xero Tax and Xero HQ.

Once you have customised the chart of accounts please see the options for adding the report codes post conversion:
Option 1: Review & Map accounts – Please see here for assistance
Option 2: Import Report codes – if you have used report codes in another organisation you export and import the report codes. Please see here for assistance.

Custom Chart of Accounts

Jet Convert provides a optional service called Custom Chart of Accounts. This service allows you to map the COA in the source file to a new COA that you upload and provide. Accounts can be merged to simplify the Chart of Accounts. The Custom COA supports Xero Report Codes.
(Service currently not available, please check in later this year)