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Odoo Vs QuickBooks

Quick, Easy, and Robust are simply the key advantages of Odoo ERP for your business. When you assess these two solutions, you will see Odoo ERP is way quicker to use and allows organizations to manage their business comprehensively. On the other hand, QuickBooks can only be used for managing accounting operations. The QuickBooks system is only a good fit for small and medium-sized businesses but Odoo is perfect for all sizes of companies, from small to large enterprises. Furthermore, the affordability of Odoo's ongoing support service is better than QuickBooks.

Top Reasons for migration from Quickbooks to Odoo

Odoo is an open-source platform and does not have limitations when it comes to offering robust features. It is perfect for small, medium, as well as large enterprises. Odoo ERP has two editions, Community and Enterprise; where the community is free and enterprise is paid. Furthermore, when we compare the Odoo accounting module with QuickBooks accounting software we can clearly see the difference.

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QuickBooks Odoo
1. QuickBooks is an accounting software that takes care of all the accounting needs of a business. 1. Odoo is not only an accounting tool but a complete ERP software that caters to all business needs.
2. QuickBooks is available in an enterprise version and online versions (both are paid versions). 2. Odoo is available in Community edition (free) and Enterprise edition(paid).
3. This solution is perfect for small to midsize businesses. 3. Odoo is best for all sizes of companies, from small to large.
4. Key accounting features of QuickBooks are tracing and handling transactions between customers, vendors, and employees. 4. Odoo accounting apps include bank synchronization, invoice and expense management, reconciliation, and more.
5. It is a closed-source solution and has a small community to provide support services 5. Odoo being an open-source platform has a large community that provides the best support services.

Difference between Odoo and QuickBooks

General Accounting

Features QuickBooks Odoo
Multi-Currency
Multi-Company Consolidation
Multi-User
Multiple Journals
Multi-Language Support
Access Rights per Screen
Access Rights per Field
Customizable Validation Steps
Availability of an API
Google Spreadsheet Integration
Import: Excel or CSV
Export: Excel or CSV
Customer Portal

Accounts Receivable

Features QuickBooks Odoo
Proforma Invoices
Multiple Taxes per Line
Discounts
Price lists
Multi-Step Payments Terms
Outstanding Payments Reconciliation
Emails Discussion as Attachment on Invoice
Configurable Email Templates
Generate a PDF Invoice
Batch Send Invoices by Email
Post Invoices by Standard Mail
Aged Receivable Balance
Per Customer Statements
Automated Follow-up Letters
Automated Follow-up Actions
Unpaid Fees and Penalties
Third-Party Debts Recovery
Credit Cards
PayPal
Automated Recurring Invoices
Contracts / Subscriptions Management
Recurring Business KPI 3
Alerts for Contract Renewal
Automated COGS Entries
Automated Deferred Revenues

Accounts Payable

Features QuickBooks Odoo
Billing Control (Purchase Orders / Receptions)
Multiple Taxes per Line
Purchase Agreements
Multi-Step Payment Terms
Aged Payable Report
Print Checks
Automate Wire Transfers (SEPA)
ACH Transfers
Employee Expenses Report
Expenses Validation Flow
Assets Management

Bank & Cash

Features QuickBooks Odoo
Bank Interfaces
Import Statements: QIF
Import Statements: OFX
Import Statements: CSV
Import Statements: Coda
Import Statements: Camt.053
Deposit Tickets
Bank Reconciliation Reports
Automated Currencies Rate Update
Expenses Validation Flow

Reporting

Features QuickBooks Odoo
Profit & Loss
Profit & Loss
Cash Flow statement
General Ledger
Tax Reports
Tax Audit Report
Pivot Table on Multiple Dimensions
Customizable Reports
Customizable Dashboards
Annotate Reports
Customizable KPI’s
Predefined Executive Summaries
Perpetual Fiscal Year Closing
Meet the Experts

Migration Process

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    Export Metadata

    Login to your Quickbooks account and then go to the Settings > Export Data > Choose Reports/Lists. Further, in the reports section, you can choose the All dates filter, it will let you export only the data of the specific period you want. Now Click On Export to Excel. The chosen data will be exported in a zip format.

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    Import Metadata

    While importing QuickBooks data to Odoo, convert the Excel Format to CSV format and then create an import template. The Metadata import template helps you to test importing. Once your templates are ready, go to Odoo > Go to a list of Records (Customers, Vendors, Employees, General Ledger, Profit & Loss, Balance Sheet, etc.) > Click on import > Check the data mapping > Click on test import, and then Import. If there is something wrong with the template then you will get the error.!

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    Export Transaction Data

    Go to the different transaction screens such as sales orders, invoices, purchase orders, expenses, etc., and select all the transactions and you will see the export icon. Using that icon you can export the transaction data in excel format.

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    Import Transaction Data

    Import the transaction data after converting the excel format into CSV format. Further, create the transaction data import template. Now, go to Odoo > Go to a list of respective screens (Quotations, Sales Orders, Expenses, RFQs, and POs) > Click on import > Click on test import, and then click on the Import button.

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    Export the Chart of Account

    First, open the QuickBooks company file containing the Chart of Accounts that you want to export. Now, Select Accounting > Chart of Accounts > Run Report. You will see the Chart of accounts will pop up, select the ​Export icon > Export to Excel. Further, convert excel into CSV format so that one can import that data to Odoo accounting.

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    Import the Chart of Account

    Once the data is converted from Excel to CSV format then create templates that can be imported to the Odoo accounting. Once your templates are ready, go to Odoo > List of Records (Chart of accounts) > Click on import > Check the data mapping > Click on test import > then Import. If there is something wrong with the template the system will show you an error message.

FAQs

1How long will it take to migrate from QuickBooks to Odoo?

Usually, it takes around 2 weeks to migrate from QuickBooks to Odoo. However, it entirely depends on the size of the data.

2What is the cost implication of migrating from QuickBooks to Odoo?

The cost of migration depends on the size of data and the number of hours consumed.

3What are all the types of migration?

Basically, there are two types of Migration:

1. Data Migration

The data migration process includes:

    Extraction of data

    Transformation of data

    Loading data

2. Object Migration

Object Migration is the migration of a complete dataset including the source of the information from one environment to another environment.

4 Will I still be able to use QuickBooks after migration?

Yes, you can use QuickBooks after migration. But the extra data recorded in your system needs to be migrated from time to time. Or you can opt for QuickBooks Odoo Integration. Quickbooks integration allows synchronization of data, which means when you create any record in QuickBooks it will be recorded in Odoo as well.

5Does Odoo support QuickBooks Migration?

Yes, Odoo supports QuickBooks migration. This will let you track the accounting activities occurring across all business functions.

6 Can we do this migration without external help?

It is difficult to migrate from one platform to another without external help. QuickBooks to Odoo migration can be carried out successfully when it is done with the help of Odoo partners. They are experts and they know exactly what they need to do and how they should do it. For more information, kindly send an email to: info@o2btechnologies.com

7 Can I use my own COA?

Yes, but you need to have the correct mapping of the journals.