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Entering balances from a previous system

Entering balances from a previous system

If you are upgrading to new accounting system from a prevailing accounting system, even if it is Excel spreadsheets, you'll have some data that requires to be transferred to accountingoutsource2india to confirm that all the account balances are up-to-date. Once you've got your accounting data out of your old system and into Excel, you can upload it to accountingoutsource2india in order to generate your chart of accounts, opening balances, debtor and creditor balances.
If you are switching over from a system you previously used to manage your business records, follow these steps to bring over balances:
1. Select a starting date for accountingoutsource2india. This will be the date that you will officially begin using accountingoutsource2india to succeed your business records.
Your start date will regulate your previous system end date. This means that as of your start date, you will no longer enter info into your previous system. Your end date is the day before your start date. For instance, if you are planning to start using accountingoutsource2india as of January 1, 2009, your accountingoutsource2india start date is January 1, 2009 and your preceding system end date is December 31, 2008. These are significant dates when you begin to enter balances in accountingoutsource2india.

2. (Noncompulsory, but recommended) Organize your previous system for transfer by consolidating & cleaning up data, including:

  • Review/adjust your AR for truly open invoices
  • Review/adjust your AP for truly open bills
  • Achieve a physical inventory to bring over actual inventory valuation
  • Reconcile your bank and credit card account(s) to clean up any old transactions
  • Run a Balance Sheet and PNL (Profit and Loss) and make sure your books are in balance

3. Track financial reports in your previous system as of your end date.

  • Balance Sheet
  • Profit and Loss for your current fiscal year up to and containing your end date
  • Bank Reconciliation detail and summary report (per account) —This report naturally shows your ending balance from the last reconciliation and any new or un cleared transactions detail
  • Accounts Receivable Aging Detail report—this report shows your current receivables (what your customers owe you) containing customer name, balance owed including individual invoice and credit memo information. If you do not have this report, gather all open customer invoices and credits for reentry.
  • Accounts Payable Aging Detail report—this report shows your current payables (what you owe your vendors) including vendor name, balance owed including individual bill and vendor credit information. If you do not have this report, gather all open vendor bills and credits for reentry.
  • Inventory Valuation Report —this report shows the present value of the items you keep in stock to sell and contains the item name, the average cost, the quantity available, and the total asset value.

4. Enter your account opening balances as of your start date.
You can enter your account balances one at a time by entering an opening balance in the account details. Still, for maximum accounts, you can use an adjusting entry to enter your account balances in bulk.

 

Disclaimer: The software content used in this page is only for customers to know about the software and not for any commercial intentions.

The main benefits of working with accountingoutsource2india are below:

Consistent Data Source – accountingoutsource2india business give you consist and precise data which can be easily used for the benefits of the decision-making desires. This in turn guarantees competence in workflow and there is no expenditure of time.

Maximize your ROI: accountingoutsource2india work give significant cost reduction and gives you high Return of asset.

High Superiority Work - Main benefits of accountingoutsource2india work is to get high quality work as per your needs.

Well-organized Data Management: accountingoutsource2india provider companies take input data from any source and give output data into digital format or as you need set-up so this provide better organization of data.

Securities, Uniformity, Rapid growth, Speed, services and improve customer satisfaction, improved presentation, Backend effective work environment these are main goal of accountingoutsource2india.

We work 24/7 days for more details feel free to contact us at any time you required.

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