Prerequisites

Prior to reading this article, please read Creating/Entering Opening Balances Overview.

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.) 
• Ending 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. For more detailed instructions, refer to the appropriate import template. 

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

1. The following table includes examples of typical key accounts used in accounting systems. Your information/layout may differ in scope and naming conventions.
2. 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
111000	Cash	7,000,000
112000	Receivables	3,500,000
112500	Allowance for Bad Debt	(30,000)
113000	Prepaid Expenses	25,000
114000	Inventory	1,000,000
115000	Fixed Assets	1,500,000
116000	Accumulated Depreciation	(750,000)
222000	Accounts Payable	(800,000)
223000	Vouchers Payable	(650,000)
224000	Accrued Expenses	(350,000)
225000	Deferred Revenue	(1,200,000)
228000	Accrued Payroll	(75,000)
330000	Paid in Capital	(4,000,000)
330500	Current Year Earnings
331000	Retained Earnings	(2,810,000)
410000	Revenue (Goods)	(8,000,000)
420000	Revenue (Services)	(600,000)
510000	Cost of Goods Sold (Goods)	5,000,000
520000	Cost of Sales (Service Parts and Labor)	200,000
611000	Payroll	500,000
612000	Utilities	30,000
613000	Marketing Expense	250,000
631000	Depreciation Expense	150,000
641000	Facilities Expense	110,000
		0

 

Example of Open A/R Balances (Unpaid Billings)

Invoice/Billing #	Customer	Billing Date	Due Date	Amount
2018156	Alpha Communications	10/15/2018	11/15/2018	650,000.00
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
2019030	Echo Communications	01/10/2019	02/10/2019	600,000.00
2019033	Flexicon Ltd.	01/15/2019	02/15/2019	450,000.00
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
112000-Accounts Receivable				3,500,000.00

 

Example of Open A/P Balances (Unpaid Payables)

Vendor Invoice #	Vendor	Issue Date	Due Date	Amount
1012015869	Apple	01/29/2019	02/28/2019	167,000.00
1012018989	Apple	01/30/2019	03/01/2019	110,000.00
568994	Clinton Ware	01/10/2019	02/09/2019	55,000.00
19022665	Tesco Co.	02/08/2019	03/10/2019	430,000.00
1902782	Tesco Co.	02/15/2019	03/17/2019	38,000.00
222000-Accounts Payable				800,000.00

 

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	1,103	127.00
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
114000-Inventory						1,000,000.00

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