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.
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- Bank reconciliations
- General ledger
- GST Reporting
- Debtors
- Creditors
- Payroll
- (Soon Asset Register)
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
- Readysell lite stores do their GST reporting using the GST details report, see GST reporting for Readysell Lite sites. Full Readysell sites use GST batches for GST reporting. See: GST Batches.
- 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.
Optional Balancing for Full Readysell only, adding two balancing GST items
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Those two items will be flagged as paid by including them in an opening GST batch. See also: Optional Set up for GST Go Live for Full Readysell
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
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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:
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| Module | Data | General Ledger | Variance |
|---|---|---|---|
| Customers | Run a customers trial balance as at the date of the conversion data from Readysell. This trial balance for customer should line up to the trial balance on the old system as at conversion date. | This value must be the same value as the customer trial balance | If the General Ledger trade debtors figure varies to the customers trial balance as at date of conversion, a variance needs to be entered against a general ledger variance account to be reviewed by your accountant |
| Suppliers | Run a suppliers trial balance as at the date of the conversion data from Readysell. This trial balance for suppliers should line up to the trial balance on the old system as at conversion date. | This value must be the same value as the supplier trial balance | If the General Ledger trade creditors figure varies to the suppliers trial balance as at date of conversion, a variance needs to be entered against a general ledger variance account to be reviewed by your accountant |
| Stock on hand | A stock on hand report is run from the old system at the time of conversion and a report is run on Readysell 8 . | The value of the imported stock on hand figure must be entered | If the General Ledger stock on hand figure varies to the stock on hand report as at date of conversion, a variance needs to be entered against a general ledger variance account to be reviewed by your accountant |
| Bank Accounts | Usually working from a bank statement for each bank account that is to be reconciled as at last bankrec on the old system. The closing balance plus/minus any unpresented deposits and/or payments = General Ledger Bank | Value to be worked out | If the General Ledger bank figure for each bank account varies to the final closing as at date of conversion, a variance needs to be entered against a general ledger variance account to be reviewed by your accountant |
| GST | Two Gst items need to be inserted to line up to the General Ledger gst paid and gst received | Gst Paid and Gst Received | If the General Ledger GST figure varies to the total of the GST Items as at date of conversion, a variance needs to be entered against a general ledger variance account to be reviewed by your accountant |