Transfering Previous GL Balances At Go Live

Oh, one more thing. There is a potential gotcha in all this. To the extent you had entered things like outstanding invoices, unreconciled bank items, did inventory adjustments in July, and other such setup stuff, those should have created GL balances in July. You should zero those out with a JE before you enter your beginning balances JE.

Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY

"The World Leader in Back-lit Mirrors & Mirror TV Technology"

T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>

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From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Mark Wagner
Sent: Monday, August 24, 2009 2:48 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Transfering Previous GL Balances At Go Live



Thanks Thom, in line with what I was thinking but always good to get feedback from others so I dont miss anything

--- On Mon, 8/24/09, Thomas Rose <t.rose@...<mailto:t.rose%40electricmirror.com>> wrote:

From: Thomas Rose <t.rose@...<mailto:t.rose%40electricmirror.com>>
Subject: RE: [Vantage] Transfering Previous GL Balances At Go Live
To: "vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>" <vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>>
Date: Monday, August 24, 2009, 5:31 PM



The best time to get your cutover balances in is when you cutover. I assume you closed all your pre-August, 2009 periods in Epicor so no one could make entries. To make your cutover entries now, you will need to briefly reopen July. Actually, you could just make the entries on August 1, but that would be harder to reconcile.

So, now you have July reopened. Take a trial balance from your old system as of July 31, and enter the balances directly from there, and, yes, the description you have is good. I would do this as a general journal entry, imported from Excel, since there are going to be a lot of lines. After making the JE, close July again so no one can make a prior period entry. Now, run a trial balance in the new system, and compare it account by account to the trial balance from the old system. Note any discrepancies, and make an adjusting JE in July again for the differences.

This can get more complicated if you like. For example, when we cutover, I posted a summary entry for each period for the past couple of years. That way, I can run comparative financial statements without having to look back at my old system.

Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY

"The World Leader in Back-lit Mirrors & Mirror TV Technology"

T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror. com<http://www.electric mirror.com>

From: vantage@yahoogroups .com [mailto:vantage@yahoogroups .com] On Behalf Of Mark Wagner
Sent: Monday, August 24, 2009 1:52 PM
To: Vantage User Group
Subject: [Vantage] Transfering Previous GL Balances At Go Live

We just finished a go live at the beginning of August 2009 and need to bring over the ending balances as of July 2009 from another system. Does anyone have a good procedure/document on the best way to reconcile these balances from an accounting standpoint? Do you typically just journal the balance in with some kind of description (i.e. System cutover) or is there a better way to do this?

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[Non-text portions of this message have been removed]
We just finished a go live at the beginning of August 2009Â and need to bring over the ending balances as of July 2009Â from another system. Does anyone have a good procedure/document on the best way to reconcile these balances from an accounting standpoint? Do you typically just journal the balance in with some kind of description (i.e. System cutover)Â or is there a better way to do this?




[Non-text portions of this message have been removed]
The best time to get your cutover balances in is when you cutover. I assume you closed all your pre-August, 2009 periods in Epicor so no one could make entries. To make your cutover entries now, you will need to briefly reopen July. Actually, you could just make the entries on August 1, but that would be harder to reconcile.

So, now you have July reopened. Take a trial balance from your old system as of July 31, and enter the balances directly from there, and, yes, the description you have is good. I would do this as a general journal entry, imported from Excel, since there are going to be a lot of lines. After making the JE, close July again so no one can make a prior period entry. Now, run a trial balance in the new system, and compare it account by account to the trial balance from the old system. Note any discrepancies, and make an adjusting JE in July again for the differences.

This can get more complicated if you like. For example, when we cutover, I posted a summary entry for each period for the past couple of years. That way, I can run comparative financial statements without having to look back at my old system.

Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY

"The World Leader in Back-lit Mirrors & Mirror TV Technology"

T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Mark Wagner
Sent: Monday, August 24, 2009 1:52 PM
To: Vantage User Group
Subject: [Vantage] Transfering Previous GL Balances At Go Live



We just finished a go live at the beginning of August 2009 and need to bring over the ending balances as of July 2009 from another system. Does anyone have a good procedure/document on the best way to reconcile these balances from an accounting standpoint? Do you typically just journal the balance in with some kind of description (i.e. System cutover) or is there a better way to do this?

[Non-text portions of this message have been removed]



[Non-text portions of this message have been removed]
Thanks Thom, in line with what I was thinking but always good to get feedback from others so I dont miss anything

--- On Mon, 8/24/09, Thomas Rose <t.rose@...> wrote:


From: Thomas Rose <t.rose@...>
Subject: RE: [Vantage] Transfering Previous GL Balances At Go Live
To: "vantage@yahoogroups.com" <vantage@yahoogroups.com>
Date: Monday, August 24, 2009, 5:31 PM


Â



The best time to get your cutover balances in is when you cutover. I assume you closed all your pre-August, 2009 periods in Epicor so no one could make entries. To make your cutover entries now, you will need to briefly reopen July. Actually, you could just make the entries on August 1, but that would be harder to reconcile.

So, now you have July reopened. Take a trial balance from your old system as of July 31, and enter the balances directly from there, and, yes, the description you have is good. I would do this as a general journal entry, imported from Excel, since there are going to be a lot of lines. After making the JE, close July again so no one can make a prior period entry. Now, run a trial balance in the new system, and compare it account by account to the trial balance from the old system. Note any discrepancies, and make an adjusting JE in July again for the differences.

This can get more complicated if you like. For example, when we cutover, I posted a summary entry for each period for the past couple of years. That way, I can run comparative financial statements without having to look back at my old system.

Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY

"The World Leader in Back-lit Mirrors & Mirror TV Technology"

T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror. com<http://www.electric mirror.com>

From: vantage@yahoogroups .com [mailto:vantage@yahoogroups .com] On Behalf Of Mark Wagner
Sent: Monday, August 24, 2009 1:52 PM
To: Vantage User Group
Subject: [Vantage] Transfering Previous GL Balances At Go Live

We just finished a go live at the beginning of August 2009 and need to bring over the ending balances as of July 2009 from another system. Does anyone have a good procedure/document on the best way to reconcile these balances from an accounting standpoint? Do you typically just journal the balance in with some kind of description (i.e. System cutover) or is there a better way to do this?

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