Enter Beginning Account Balances in your Financial Accounting system
In this conversion day step you will manually enter beginning balances in the financial accounting system’s general ledger.
Run Batch Posting
The first step on conversion day is to go to the Batch Posting screen in DBA and make sure that all pending transactions are posted to the general ledger.
Print the Trial Balance
Print out the Trial Balance, which provides the information needed for beginning balances entry. Your Account Receivable and Accounts Payable should have a zero balance from the Journal Entry that you made in the prior step.
Include zero-value accounts
Select this checkbox to get a complete chart of accounts profile.
Period – From, To
Select the first period of your current fiscal year through the latest period to get year-to-date balances.
Make a beginning balances journal entry
Beginning account balances are entered in the financial accounting system by means of a batch journal entry. There may be a special journal entry for this purpose. Refer to the system documentation for instructions on establishing beginning account balances.
Using the account balances listed on the Trial Balance, enter the Ending Balance as a single debit or credit amount against each account. When all your entries are completed, the batch should be in balance and should exactly match the account balances in DBA. Post the batch.
