HI @nithyashankar71 

Yes, you would update the balances and use the trial balance as the beginning balances in Acumatica. 

Hi Kbeatty21,

Thanks for your reply,

Could you please provide me step by step process to do the same.

Hi @nithyashankar71 

Here is a helpful article:

https://help-2020r2.acumatica.com/Help?ScreenId=ShowWiki&pageid=9703c4ff-a6b5-4730-acf7-34f732c774c1

Hello,

KBeatty21’s response is correct; importing trial balance with Trial Balance screen is one way to migrate beginning balances.

I prefer to use a Journal entry to import beginning balances.

For example, you may want to begin with January 2022 starting balances.

1. Set up first fiscal year as 2021.
2. Post one batch in Finance → Journal transactions containing debits and credits representing ending balance for accounting period 12-2021 from your prior system.
3. Include assets, liabilities, income and expense ending balances for period 12-2021.
4. Do not include Current Income/YTD Net Income account in the entry, if your prior system has this account.
5. At this point debits match credits. Release your batch to post to period 12-2021.
6. Print Trial Balance/Balance sheet for January 2022 and Acumatica has automatically closed 2021 expense & income entries into Retained Earnings and has correct January figures.
7. Proceed to enter opening balances for AR, AP, Fixed assets, etc. These figures are already represented in GL so you will want to avoid duplicating GL postings. Use Migration mode in various modules, or post open AP Bills with debit and credit to the same AP Account (20000 for example). Follow Acumatica-provided migration instructions for how to enter opening balances in subsidiary modules without impact on your GL.

Good luck!

Hi Laura,

Thanks for the reply. I have a question here -  what will happen for the November end balances if we take the accounting period balance for December.

Thanks,

Nithya

Hello,

You asked about migrating the opening balance:

“Basically, we would update the financial statements balances as an opening balance from the legacy system to acumatica tenant.”

To me, “opening balance” refers to the very FIRST entry in your new GL.

If you are talking about migrating historical balances for many months then you have choices:

1. Use the answer provided by KBeatty, where she provided a link for migrating Trial Balances for multiple months via Finance → Transactions → Trial Balance screen.
2. Follow up your First entry in GL with the Debit/credit entry summed by month in the Journal Transactions screen representing sum of monthly transaction activity
3. (My preference for the most recent year) import all GL transactions in detail by month, by batch, or by day in the Journal Transactions screen with an Import Scenario.

Laura

Hi Laura,

Good information!

In step 7 you mentioned: “Use Migration mode” and “Follow Acumatica-provided migration instructions for how to enter opening balances in subsidiary modules without impact on your GL”

Could you post the links to these information

Regards,

Sandro Romero

HI @sandroromero25 

Here is the documentation:

https://help-2022r2.acumatica.com/Help?ScreenId=ShowWiki&pageid=5345482e-402e-4d46-9b3d-6a48a37021a8- AP and AR, GL does not have migration mode.

Thank Kandy!