Xero - Conversion Date, Conversion Balances and Comparative Balances

[@mark-and-trina]

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[@Mikey-hp2ce]

Your video advises to post accounts received conversion balances to a revenue account (Consultancy services). Hasn't the income on these invoices already been realised when they were original posted on the old accounting package. ie: isn't the income being double counted?

[@katyratanavong1155]

Hi Bullseymoney,
Thank you for your video
I am new to the Xero system, and I have questions,
1. it's possible if I put all transactions that I have into Xero (manually) since 2016, and do the conversion balance
2. The conversion balance we have to do this everytime that we close the financial year or open the financial year 😂

[@user-ym7rq2me2n]

Hi Bullseyemoney.
I have recently transitioned a client to Xero using the conversion balance method. In transferring the AR and AP balances, I added the invoices as "tax inclusive" because this is what I understand to be the correct method. I expect the VAT account to be zero as these invoices have already been included in the last VAT return, however new VAT records are being created in the VAT account which is essentially duplicating invoices that have already been included in previous VAT returns.
Do you have any idea how this can be fixed please?

[@johnkamleitner6072]

I have a case where I have journaled the P&L and BS from a Sage system for a few years in Xero and now I want to add the AP and AR details into Xero. Will conversations do this for me

[@mark-and-trina]

Yes you do that via conversion balances

[@give_it_ago]

I tried to add a opening balance but now i cant see the Conversion Balance under accounting/advanced, and i wont to edit the item i created. why cant i see see the conversion balance option anymore.

[@AhmedShauket-y5c]

hi bullseyemoney, I am having the below issue in reconciling my conversion balance.
below msg pops up when I click on save. what could be the problem?
"Enter invoices sent on or before 31 Dec 2022 that have not been fully paid"

[@mark-and-trina]

If you have entered a balance for Accounts Receiveable you need to add into Xero all the invoices that add up to that balance.

[@GVORGHTV]

how do I add in a previous asset and have it balanced as it was paid for already from previous year? do you have a video on this. I have registered the asset but I can't seem to get it on the balance sheet. if I add it in like this video it docent balance

[@jahankhan7238]

thank you and love your videos

[@mark-and-trina]

You're welcome!

[@weezyfbaby5262]

Hi, I started using xero this month, am able to import older bank statement feed from last year onto xero even if i was not using xero

[@mark-and-trina]

Yes you can do that.

[@AbaZero]

👏🏼Great

[@mark-and-trina]

Thanks! 😃