Help Creating a New Account

I am trying to move a site from a shared hosting platform using some crap control panel called H-Sphere to my new VPS server here using Cpanel.
Since they are different control panels I realize this must be a manual move.

I created an account in the WHM for the site and tried to access the site using http://ipaddress/~username and I get a 404 error.

Since my move needs to be done manually, I wanted to get everything moved over and then make my nameserver changes once I was sure everything was working.

Can someone tell me what I am doing wrong?
That's not a valid FTP URL since Apache isn't around to translate that tilde into anything meaningful for you. Just connect to the IP, specify the username and password and navigate to the appropriate location, which will be something like /home/username/public_html