Prior to reading this article, please read Creating/Entering Opening Balances Overview.
When you are ready to enter your opening General Ledger (GL) account balances into Accounting Seed the first step you will need to take is to “close” the last period from your legacy accounting system and then run/export the appropriate report(s) with the following information from your legacy accounting system:
- Open Accounts Receivable (A/R) Balances (unpaid billings/invoices)
- Open Accounts Payable (A/P) Balances (unpaid payables for vendors, employee expense reports, etc.)
- Inventory Quantity Balances
- Ending Trial Balance report that includes all of your general ledger accounts and their ending balances
It is highly recommended that this be done in conjunction with the end/beginning of an accounting period.
NOTE: Once you have exported the required data that will be used to create your opening balances in Accounting Seed you should not make any entries or process any transactions in your old legacy system that will affect these balances. All transactions must be completed in Accounting Seed going forward.
After your data has been extracted from your legacy system you will need to prepare it for upload into Accounting Seed using the appropriate templates. Please refer to the appropriate import template for more detailed instructions.
Examples of Extracted Data
Below are examples of what the extracted data from your legacy system may look like for the Trial Balance, Open A/R, Open A/P, and Inventory Quantity Balances. Not every system will produce these reports or files with the same look or layout, but the data shown should be available.
Example of Trial Balance Export
- The following table includes examples of typical key accounts used in accounting systems. Your information/layout may differ in scope and naming conventions.
- Note that Positive balances represent Debit balances and Negative balances represent Credit balances.
|Ending Legacy System Trial Balance|
|Your Current System GL Accounts||Year to Date|
|112500||Allowance for Bad Debt||(30,000)|
|330000||Paid in Capital||(4,000,000)|
|330500||Current Year Earnings|
|510000||Cost of Goods Sold (Goods)||5,000,000|
|520000||Cost of Sales (Service Parts and Labor)||200,000|
Example of Open A/R Balances (Unpaid Billings)
|Invoice/Billing #||Customer||Billing Date||Due Date||Amount|
|2018201||Burlington Textiles Corp of America||12/22/2018||01/22/2019||800,000.00|
|2019024||Burlington Textiles Corp of America||01/04/2019||02/04/2019||750,000.00|
|2019096||Pyramid Construction Inc.||01/20/2019||02/20/2019||150,000.00|
|2019123||Pyramid Construction Inc.||01/24/2019||02/24/2019||100,000.00|
Example of Open A/P Balances (Unpaid Payables)
|Vendor Invoice #||Customer||Billing Date||Due Date||Amount|
Example of Inventory Quantity Balances
|Product Name||Product # (Code)||Product Description||Warehouse||Location||Quantity on Hand||Per Unit Average Cost|
|Camera, Full Auto||CA-23847||Camera, Fully Automatic with Zoom||Chicago||
Aisle 10, Shelf 3, Bin 13
|Camera, Manual||CA-11565||Camera w/ Manual Focus||Chicago||Aisle 10, Shelf 3, Bin 14||1,4011||90.00|
|Camera Deluxe||NI-3435||Deluxe Camera||Chicago||Aisle 11, Shelf 1, Bin5||948||159.00|
|Camera Deluxe Plus||NI-8976||Deluxe Camera w/ Accessories||Atlanta||Aisle 12, Shelf 1, Bin 13||1,088||199.00|
|Camera Video||SO-4432||HD Video Camera||Atlanta||Aisle 12, Shelf 1, Bin 17||636||575.00|
Once you have extracted this data, you will need to input the information into the appropriate fields on the related Import Templates (please refer to this IMPORT TEMPLATES article).
Refer to the following articles for the steps to upload your information:
- Opening Accounts Receivables - Step 2: Prepare and Upload your Open Accounts Receivables
- Opening Accounts Payables - Step 3: Prepare and Upload your Open Accounts Payables
- Opening Inventory Quantity Balances - Step 4: Prepare and Upload your Opening Inventory Quantity Balances
- Opening Trial Balance - Step 5: Prepare and Upload your Opening Trial Balance