10) Enter or Import Beginning Balances
Overview
The final step before going live with GoldFinch is entering or importing the beginning balances. This includes sales orders, purchase orders, work orders, and beginning inventory. If you are also implementing the GoldFinch Accounting module, additional steps will be required for AR, AP, bank reconciliation items, and trial balances.
Manual Entry Recommendations
For open transactions such as:
Sales Orders
Purchase Orders
Work Orders
We recommend entering these manually to ensure accurate starting data.
Import Beginning Inventory
Use the Import Inventory feature to upload your beginning inventory balances.
If Implementing the GoldFinch Accounting Module:
Beginning Accounts Receivable (AR): Use the AR Import Guide.
Beginning Accounts Payable (AP): Use the AP Import Guide.
Outstanding Bank Reconciliation Items (checks or deposits): Enter these manually, ensuring that the Posting Date is 1 day before your go-live date.
For example, if you plan to go live on 8/1/23, use 7/31/23 as the posting date for open items.
Historical Trial Balances: Use the Trial Balance Import Guide to import historical trial balances.
We recommend importing two full years of monthly General Ledger (GL) changes to allow for accurate comparisons.
For example, if going live on 8/1/23, import the beginning trial balance as of 12/31/20, and then import monthly GL changes from January 2020 to July 2023.
Reconciliation Steps
Since offset GL Accounts are used when posting beginning AR, AP, and outstanding bank reconciliation items, you must post a manual General Journal entry to reconcile any differences.
Final Pre-Go-Live Check
Before going live, ensure that the GL balances for AR, AP, and Inventory match with their respective sub-ledgers by running the following reports:
Inventory Valuation Report
AR Aging Report
AP Aging Report
Additional Information
For more details on executing a successful cut-over, refer to the Execute Cut-over guide.
By following these steps, you can ensure your data is accurate and balanced before going live with GoldFinch.