The following data is typically migrated to Accounting Seed in most implementations:

Financial Suite
  • Opening Trial Balance
  • Opening Accounts Receivable 
  • Opening Accounts Payable
  • Opening Inventory Balances (Order Management Only)
Opening Trial Balance 
The opening trial balance should be created by entering a journal entry for the year to date (YTD) trial balance in the period prior to your go live. Please see the journal entry knowledge article for more details on required fields. If you're using the data loader or the import tool, a journal entry will need to be created before journal lines can be created, which are associated to the journal entry. 
 
Opening Accounts Receivable 
1. Obtain the list of open accounts receivable by customer from your legacy accounting system. 
 
2. Enter each account receivable from the appropriate customer with an account receivable line. On the account receivable line the Revenue GL account should be set to the account receivable control GL account set in accounting settings. This creates a debit and credit to the account receivable control account when the account receivable is posted, so the entry has no effect on the opening trial balance.
 
3. Tie the grand total of all account receivable entries entered to the trial balance for the opening accounting period. This will ensure the accounts receivable record detail is in balance with the trial balance, and all transactions moving forward will be accounted for correctly.
   
Please note the file loading process is a two-step process. You must first insert the account receivable headers and then insert the account receivable lines associated with the headers. Both the import tool and data loader can be used in this process. 
 
Opening Accounts Payable 
1. Obtain the list of open accounts payable by vendor from your legacy accounting system. 
 
2. Enter each account payable to the appropriate payee with an account payable line. On the account payable line the Expense GL Account should be set to the account payable control GL account set in accounting settings. This creates a debit and credit to the account payable control account when the account payable is posted, so the entry has no effect on the opening trial balance.
 
3. Tie the grand total of all account payable entries entered to the trial balance. This will ensure the accounts payable record detail is in balance with the trial balance and all transactions moving forward will be accounted for correctly.
   
Please note the file loading process is a two-step process. You must first insert the account payable headers and then insert the account payable lines associated with the headers. Both the import tool and data loader can be used in this process. 
 
Opening Inventory Balances
1. Set up the combination of product, warehouse and location as an inventory balance. These inventory balances can be uploaded through the Data Loader or Data Import Wizard. 
 
2. Enter an inbound inventory movement for each inventory balance with the type as "Non-Accounting". This will allow you to enter an inbound inventory movement without general ledger transactions. The product specific GL Transactions will be established by including Product-Inventory GL account balances  in the Closing Trial Balance  Journal entry. Refer to the Opening Trial Balance section for guidance. Inbound inventory movements can be uploaded through the Data Loader or Data Import Wizard. If you are using the Data Loader you will need to create a report to extract the salesforce IDs of the inventory balances and include the SF IDs in the upload file. 
 
3. The Quantity (#) in the inbound inventory movement upload file should match the Quantity in the trial balance upload file for the Product-Inventory GL account rows. The value of the inventory (Q*Unit Cost) for each Product-Inventory GL combination should be included in the debit column of the trial balance. 
 
 

See a specific example in our training guide.

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

2 Comments

  • 0
    Avatar
    Rebecca Ralls

    Do you have a recommendation on how to transfer opening balance records for items that have been received against a PO but do not yet have an invoice?

    Quickbooks has them lumped into the open AP balance. So creating a PO and receiving the item won't work because it creates a debit to inventory and a credit to vouchers payable with no way to override the debit account to negate the accounting transaction.

  • 0
    Avatar
    Tony

    Rebecca,

    If in the opening balance entry you include the amount and quantity on the journal entry line for vouchers payable it should relieve automatically when you book the account payable. 

Please sign in to leave a comment.