10) Enter or Import Beginning Balances
Overview
The last step before you can go live is to enter manually or import the beginning balances.
We recommend you enter these open transactions manually:
Sales Orders
Purchase Orders
Work Orders
You can use Import Inventory to import beginning inventory.
If you also implement the GoldFinch Accounting module:
Use Import Beginning Accounts Receivable to import the beginning AR.
Use Import Beginning Accounts Payables to import the beginning AP.
Enter outstanding Bank Reconciliation items (checks or deposits) manually. The Posting Date should be 1 day before the go-live date.
For example, if you want to go live on 8/1/23, use 7/31/23 as the posting date for the open items.
Use Import General Journals to import historical trial balances. We recommend having two full years of monthly GL changes in the system for comparison purposes.
For example, if you want to go live on 8/1/23, import the beginning Trial Balance as of 12/31/20. Then import monthly GL changes from January 2020 to July 2023.
Since you use various offset GL Accounts when posting beginning AR, AP, and outstanding Bank Reconciliation items, you must post a manual General Journal entry to reconcile the differences.
Before you go live, ensure the GL Balances for AR, AP, and Inventory match with their sub-ledgers by running Inventory Valuation, AR Aging, and AP Aging reports.