The following data is migrated to Accounting Seed in most implementations.

Accounting Seed Financial Suite

  • Opening Trial Balance
  • Opening Accounts Receivable
  • Opening Accounts Payable
  • Opening Inventory Balances (Order Management Only)

Opening Trial Balance

Your opening period Trial Balance in Accounting Seed will be the closing year-to-date (YTD) Trial Balance of the prior period in your legacy accounting system. Your opening Trial Balance will be entered by creating a Journal Entry. Please see the Import Templates knowledge article for more details on required fields.

There are two elements to a Journal Entry representing the Master (Journal Entry [Header]) and Detail (Journal Entry Lines) relationship.  If you are using the Data Loader App or the web-based Data Import Wizard tool, you must maintain this Master-Detail relationship by first creating a Journal Entry [Header] prior to importing the Journal Entry Lines associated with it.

Note that the AR Control GL Account and the AP Control GL Account (as defined in your Accounting Settings) cannot be saved on the Journal Entry line unless an Account (Customer/Vendor) name is specified on the Journal Entry Line.  Accounting Seed recommends as best practices that you import your opening Accounts Receivable and opening Accounts Payable detail first (see instructions below). Your AP and AR detail should equal what is recorded in this opening balance Journal Entry import. The steps are as follows:

  1. Verify that your total AR or AP detail by Billing agrees to the total amount in your Opening Trial Balance to be migrated into Accounting Seed.

  2. Import your AR or AP detail by Billing into Accounting Seed (see instructions below).

  3. Create a Salesforce report of your AR or AP detail by Billing that includes the Salesforce ID of each Account (Customer or Vendor).

  4. Export that report into Excel and create a Pivot Table report that summarizes your AR or AP detail by Account (Customer or Vendor) with Salesforce ID.  This report will allow you to break-out your total AR or AP balance per your legacy system by Account. This is needed in order to meet the requirement that all Journal Entry Lines that use the AR Control GL Account and the AP Control GL Account (as defined in your Accounting Settings) cannot be saved on the Journal Entry line unless an Account (Customer/Vendor) name is specified on the Journal Entry Line.

  5. Adjust your Opening Balance Journal Entry to break-out your total AR or AP balance by Account.
    • Note that there is a 1,000 Journal Entry Line limit per Journal Entry.  If you believe you will exceed this line limit, then you should separate your import into multiple imports and use an opening balance GL clearing account as the debit side of your entry. For example:

      • DR. Clearing Account $1,000
      • CR. Revenue $1,000
      • DR. AR Control GL Account (Cust. 1) $800
      • DR. AR Control GL Account (Cust. 2) $200
      • CR. Clearing Account $1,000

Opening Accounts Receivable 

  1. There are two elements to a Billing representing the Master (Billing [Header]) and Detail (Billing Lines) relationship.  If you are using the Data Loader App or the web-based Data Import Wizard tool, you must maintain this Master-Detail relationship by first creating/importing a Billing [Header] prior to creating/importing the Billing Lines associated with it.

  2. Obtain the list of open Accounts Receivable by customer from your legacy accounting system.

  3. Tie the total of your Accounts Receivable detail to the Trial Balance. This will ensure the Accounts Receivable record detail is in balance with the Trial Balance and that your AR Aging Report will agree to your general ledger.

  4. Importing opening balance Accounts Receivable is a two-step process. You must first import the Billing [Headers] and then import the Billing Line associated with each individual Billing [Header]. For example, in your legacy accounting system, Acme customer has an outstanding accounts receivable invoice with three billed products of $100 each on the invoice resulting in a total invoice balance of $300.  This would be imported into Accounting Seed as one Billing [Header] to Acme customer and one Billing Line of $300 associated with that Billing [Header].

    Both the Data Loader App or web-based Data Import Wizard tool can be used for this importing process.

  5. Download and use Accounting Seed’s Billing Template (Accounting Seed Import Templates).

  6. Complete the Billing Import Template by entering each customer’s Account Receivable as a Billing [Header] and Billing Line. On the Billing Line, the Revenue GL Account should be set to the AR Control GL Account set in Accounting Settings.

    Please note that this creates a debit and equal corresponding credit to the AR Control GL Account when the entry is posted resulting in a net-zero effect to the Trial Balance.  This net-zero entry does not affect the opening G/L balance of Accounts Receivable because the A/R general ledger opening balance is already created through the importing of the opening Trial Balance in a journal entry.

  7. Import using the Data Loader App or web-based Data Import Wizard tool.  The Billing [Header] worksheet and the Billing Lines worksheet should be saved as separate *.csv files.  Importing does not support files with multiple worksheets, so please be sure to remove extraneous worksheets and data not pertaining to the import you are performing.

    • Importing the Billing [Header] will create a system generated Billing Number.  This Billing Number will be required when importing the Billing Lines. You can obtain the Billing Number for each Billing [Header] by either (1) creating a Salesforce report querying the Billing Number or (2) viewing the results file generated by the import tool after a successful import.
    • In the Billing Lines Import Template, associate each Billing [Header]’s Billing Number with its associated Billing Line.

Opening Accounts Payable

  1. There are two elements to a Payable representing the Master (Payable [Header]) and Detail (Payable Lines) relationship.  If you are using the Data Loader App or the web-based Data Import Wizard tool, you must maintain this Master-Detail relationship by first creating/importing a Payable[Header] prior to creating/ importing the Payable Lines associated with it.

  2. Obtain the list of open Accounts Payables by vendor from your legacy accounting system.

  3. Tie the total of your Accounts Payable detail to the Trial Balance. This will ensure the Accounts Payable record detail is in balance with the Trial Balance and that your AP Aging Report will agree to your general ledger.

  4. Importing opening balance Accounts Payable is a two-step process. You must first import the Payable [Headers] and then import the Payable Line associated with each individual Payable [Header]. For example, in your legacy accounting system, Alpha vendor has an outstanding accounts payable with three billed products of $100 each on the bill resulting in a total bill balance of $300.  This would be imported into Accounting Seed as one Payable [Header] to Alpha vendor and one Payable Line of $300 associated with that Payable [Header].

    Both the Data Loader App or web-based Data Import Wizard tool can be used for this importing process.

  5. Download and use Accounting Seed’s Accounts Payable Template (Accounting Seed Import Templates).

  6. Complete the Accounts Payable Import Template by entering each vendor’s Account Payable as a Payable [Header] and Payable Line. On the Payable Line, the Expense GL Account should be set to the AP Control GL Account set in Accounting Settings.

    Please note that this creates a debit and equal corresponding credit to the AP Control GL Account when the entry is posted resulting in a net-zero effect to the Trial Balance. This net-zero entry does not affect the opening G/L balance of Accounts Payable because the A/P general ledger opening balance is already created through the importing of the opening Trial Balance in a journal entry.

  7. Import using the Data Loader App or web-based Data Import Wizard tool.  The Payable [Header] worksheet and the Payable Lines worksheet should be saved as separate *.csv files.  Importing does not support files with multiple worksheets, so please be sure to remove extraneous worksheets and data not pertaining to the import you are performing.

    1. Importing the Payable [Header] will create a system generated AP Number.  This AP Number will be required when importing the Payable Lines. You can obtain the Payable Number for each Payable [Header] by either (1) creating a Salesforce report querying the Payable Number or (2) viewing the results file generated by the import tool after a successful import.

    2. In the Payable Lines Import Template, associate each Payable [Header]’s AP Number with its associated Payable Line.

 

Opening Inventory Balances (Order Management Only)

  1. An Inventory Balance is initially set-up as a combination of Warehouse, Location and Product. These Inventory Balances can be uploaded through the Data Loader App or the web-based Data Import Wizard tool.

  2. Enter an Inbound Inventory Movement for each Inventory Balance with the Type=Non-Accounting. This will allow you to create an Inbound Inventory Movement without the creation of any transactions that would affect the general ledger.. This will record your opening balance inventory quantities in Accounting Seed’s Orders & Inventory module. Inbound inventory movements can be uploaded through the Data Loader App or the web-based Data Import Wizard. If you are using the Data Loader App you will need to create a report to extract the Salesforce IDs of the inventory balances and include the Salesforce IDs in the import file.

  3. The general ledger opening balance inventory is recorded through a Journal Entry. When creating the inventory Journal Entry, you must breakout your inventory balance by individual products and create a separate Journal Entry Line for each product that records each product’s (1) quantity and (2) valuation (quantity x unit cost). Refer to the Opening Trial Balance section for guidance on how to import the Journal Entry.

  4. The quantity in the Inbound Inventory Movement should match the quantity in the inventory Journal Entry that is recorded to the general ledger. The value of the inventory (quantity x unit cost) for each Inventory/Product GL combination should be recorded as a debit in the Journal Entry import to reflect the increase to the Inventory asset account.

 

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2 Comments

  • 0
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    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
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    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. 

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