Overview
Readysell has a set procedure for bringing data into your Readysell 8 financials from your existing system. We always follow the procedure below. We use this procedure when you convert to Readysell 8 financials. At the time your Readysell 8 system goes live and even if you are converting to Readysell 8 financials at some time after your initial Readysell 8 conversion.
...
- Bank reconciliations
- General ledger
- GST Reporting
Procedure
GST Reporting
- If you used any Readysell GST items in preparing your previous GST reports before the financials GST go live date. We need to keep the GST items but flag them as reported to the tax office. To do this , all GST items dated before the GST reporting go live date need to be included in one GST Batch and flagged as reported.
- If you did not use any Readysell GST items in preparing your GST reports before the GST go live date. Then Readysell will delete all GST items before the Readysell financials GST go live date
GST Paid and receivable reasonableness test
- If the GST payable and/or receivable figures on your closing general ledger trial balance from your old system are not reasonable. Readysell will let you know that the figures do not seem reasonable. But we will continue and process the information as usual.
Adding two balancing GST items
...
Importing General Ledger balances into Readysell using general journals
Always close the previous financial year, even if your accountant has not yet approved the end of year position
...
Run a trial balance from your old system as at the last day of trading on your old system.
Work out the new general ledger accounts from V8 for the general ledger trial balance postings.
Enter a journal into Readysell containing all the closing balances shown on your trail balance from your old system, as at the last date of trading in your old system.
Readysell can help map the correct account codes if required
...
Note, keep your old system running, as you will need the old system to look up general ledger history before the date of your conversion to Readysell. You will also need your old system to reprint invoices from before you converted to Readysell.
Handling prior year adjustment journals from your accountant
After the conversion date to Readysell, you may receive a list of prior year adjustments from your accountant. If this happens:
...