• From: Jakarta
  • Registered: 08/30/2015
  • Posts: 20

Topic: FA Implementation In The Middle of Fiscal Year

Hi,

I helped one company to migrate their old system to FrontAccounting. The implementation is scheduled to be executed in April which means in the middle of current fiscal year and there are some transactions from January to March. Is there any recommendation about the best way to do this?

I also have read some references from the following links:
https://frontaccounting.com/fawiki/index.php?n=Main.OpeningBalances
https://frontaccounting.com/punbb/viewtopic.php?id=663

Is there any additional things I need to do besides the explanation from the links above?

bogeyman2007's Website

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,150

Re: FA Implementation In The Middle of Fiscal Year

If you decide to retain the transactions for Jan-Mar in the old accounting system, then enter the march end closing balances as the April 1st opening balances by making a journal entry for the mid year Balance Sheet and P&L entries (entire Trial Balance) as of 31st March.

In the case of migrating to FA during start of a fiscal year, only the Balance Sheet closing balances of the previous fiscal need be carried forward.

apmuthu's Website

  • From: Jakarta
  • Registered: 08/30/2015
  • Posts: 20

Re: FA Implementation In The Middle of Fiscal Year

apmuthu wrote:

If you decide to retain the transactions for Jan-Mar in the old accounting system, then enter the march end closing balances as the April 1st opening balances by making a journal entry for the mid year Balance Sheet and P&L entries (entire Trial Balance) as of 31st March.

In the case of migrating to FA during start of a fiscal year, only the Balance Sheet closing balances of the previous fiscal need be carried forward.

Thanks for your information apmuthu.

bogeyman2007's Website