USA Migrating accounting programs mid-year


Joined
Aug 24, 2019
Messages
2
Reaction score
0
Country
United States
Hello,
If you had to migrate accounting programs mid-year (9/1 start), how would you make your opening entries? Would you make it 1/1 or 9/1? I assume both are okay but a 12/31 opening would require catch up entries, either by replicating 8 months or a JE. However, a JE would complicate things like AR and AP if there are a lot of transactions, correct? Just trying to find the best solution.

Thanks in advance
 
Ad

Advertisements

kirby

VIP Member
Joined
May 12, 2011
Messages
1,682
Reaction score
223
Country
United States
Best is to migrate at least 3 years of history so you can avoid switching between the old and new system to get info. But that takes $$ to hire an IT person to do the work and it is not always feasible. A JE will not of course bring in your AP or AR detail, so you would have to re-enter that data and now it depends on how much work that entails.
 
Joined
Aug 24, 2019
Messages
2
Reaction score
0
Country
United States
Thank you. By migrating 3 years or even 8 months (1/1-8/31), we would essentially have to replicate every AP and AR transactions, correct?
 
Ad

Advertisements

kirby

VIP Member
Joined
May 12, 2011
Messages
1,682
Reaction score
223
Country
United States
Depends on your choice of method. If you migrate all transaction since inception the only the unsettled a/p and a/r accounts will remain. If you only migrate a few months then you have to ensure that the unsettled a/r and a/p accounts are set up on the opening balnce sheet.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top