USA Migrating accounting programs mid-year

[Pdshin]

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

 

[kirby]

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.

 

[Pdshin]

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?

 

[kirby]

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.