HelloI have a...
Hello
I have a client's initial balance sheet and income statement and we are going to LIVE,i am confusing what account head which i have to load through JOURNAL?because TRIAL BALANCE consist of income statement item(sale purchase expense) .these account balances will also be loaded or not on go live date?If these heads(income statement items) are not loaded on initial so how profit/loss will be added in balance sheet(in which account)?
I have already loaded opening balances of customer invoices and payables invoices and inventory balances through Misc transaction in subsidiary ledger
In opening inventory balances(DEBIT material CREDIT inventory AP accrual) but my initial balance sheet is showing ending inventory so we will adjust credit balances account INVENTORY AP ACCRUAL?
Rehan
There are two approaches to
There are two approaches to move to oracle from legacy
1> The simplest is to close the FY in legacy, make all the Income/Expense (P&L) zero and transfer only the Assets/Liability (Balance Sheet) accounts to oracle. But in this case you have to continue with the legacy for couple of years for the audit and historical information.
2> To transfer all the supplier, customer, inventory and GL balances .
You are following this method and have already loaded the customer, supplier balances. Now about your questions
You have to transfer all the accounts (I hope you have already done the correct COA mapping) from your last FY(closed one) to the current date.I am confusing what account head which i have to load through JOURNAL?because TRIAL BALANCE consist of income statement item(sale purchase expense) .these account balances will also be loaded or not on go live date?
This include all the five accounts – Asset, Liabilities, Incomes (revenue), Expense , Owner’s equity
You have to loadIf these heads(income statement items) are not loaded on initial so how profit/loss will be added in balance sheet(in which account)?