Our list migrations do not include the migration for financial data. When the migration is completed, you have the option to have your beginning balances entered by the migration department or they can be entered by your office staff.
Generally, when a company migrates from one software to another, the beginning balances are entered for their Accounts Receivable, Accounts Payable, Inventory, Payroll, Sales Tax, and Chart of Accounts for the entire balance one day prior to their “Go Live” date. For instance, if your “Go Live” date is 1/1/20XX, balances are entered as of 12/31/20XX.
You may be wondering “What does this mean for all my existing receivables and payables?” For each Customer, an Opening Balance Invoice is created for 12/31/20XX. You would then be able to apply any payments received against that opening balance until it is paid in full. For each Vendor, an Opening Balance Bill is created for 12/31/20XX. You would then be able to pay on this bill until the balance is paid in full. If you are not wanting a lump sum entry, the open transactions can be manually entered to affect the aging reports properly.