Preparing the data copying process – Preparing Trial Balance data

Since the Xero setup file is new, it contains no financial data—only the account structure. The opening balances need to be migrated to ensure the new ledger reflects the correct financial position as of a specific conversion date.

After the Chart of Accounts has been successfully copied from MYOB to the Xero setup file, the next step is to bring in the opening balances. These balances are copied using the Trial Balance report from MYOB. 

The MYOB file used in this process is an existing ledger that has been in use for several years. Therefore, all historical balances as of the chosen cut-off date (e.g., 30 June of a given year) need to be brought into Xero. 

Press the go back icon. 

 

Click on Trial Balance 

A conversion date must be selected to define the point at which transactions will begin in Xero. All balances up to this date will be brought in using the Trial Balance report. 

The tool allows users to: 

• Select the desired cutoff date. 

• Choose whether to copy the balances as draft or posted journals. 

 

Once Trial balance is clicked, below interface will be displayed. 

 Selected using “As of date” and click Read TB from MYOB.   

Select all/ necessary accounts. When copying opening trial balance, you deselect current earnings.
 

 

Choose whether to copy the balances as draft or posted journals, and then click on Create manual Journal

Once the Manual Journal is created, press OK. 

A Trial Balance will be displayed within the tool, which can be cross-checked both against the original Trial Balance in the MYOB file and the balances in the Xero file.

Verify that Manual Journal has been created 

Verification and Accuracy 

• The posted journal is visible under Xero’s Manual Journals section, labeled with the appropriate date and source. 

• The total balances match exactly with the MYOB Trial Balance for the selected year. 

• No manual data entry is required, reducing the chance of errors or omissions. 

 

To verify that the Manual Journal has been created, click on Read Manual Journal

 

To verify this further, go to Xero and under the Accounting tab select Manual Journal. 

 

Here you will see the manual journals that we created. Accountants can now review the journal. If any modifications or adjustments are required, they can be made directly before posting the journal to the ledger.

You can also verify if the number of journals created matches the total amount in Xero and in Fixed Asset Accounting. 

 

The tool automatically creates a manual journal entry in Xero with the copied balances. This process, which would typically take significant time if done manually, is completed in seconds using the tool.

Note: After the manual journal has been created for the first time, the user thereafter should only read the trial balance difference from MYOB for future financial periods.

First deselect Current Earnings and Retained Earnings

Set the as of date and click on Read TB Difference from MYOB.