No Financial data is exported from the old system to the new system.
The General Ledger will need to be brought over via a manual general ledger journal.
Bank Reconcilation, the starting position needs to be provided to Readysell. That is for each bank account to be reconciled a closing bank statement figures plus and/or minus any unpresented deposits and payments. This nett result must equal the general ledger bank account as at that date. If not Readysell will write the variance to a General Ledger account for your accountant to action.
Things the site needs to be provide Readysell
General Ledger
Readysell is happy to help you run the required reports from your old system.
All Financial work does incur a charge depending upon how tidy and accessible your financial data/reports are.
Refer to document on the initial starting position for General ledger.
Initiall Brought Forward General Ledger Journal from your Old Database.
Starting Bank Position/Bank Reconciliations
Refer to link on initial starting positon for Bank Reconcilations.
Setting up for Bank Reconciliations Go Live
Provide Readysell with the following for each Bank Account/Loan Accounts that need to be reconciled:
- Closing Bank Statement figure and note whether is it funds in the bank or an overdraft
- Last Bank Reconcilation from the old system as at last day of trade before conversion
- Any unpresented Deposits/Payments as at last day of trade before conversion
- Bank Statement for the month in question or previous month
- General ledger closing figure for the bank account/s. This closing figure must line up to the closing bank statement balance plus and/or minus any unpresented. If it doesnt Readysell recommends that the variance be written off to a General Ledger Variance account and your accountant can action at a later date.
Readysell will review the each bank statement and work out if the figures provided are correct.
Problems that occur:
The initial starting position is not right that has been provided to Readysell
In respect to the Bank statement, part of the transactions have been entered into readysell and part into the old system
The transactions on the bank statement are incorrectly dated into readysell
The transactions on the bank statement have not been entered into readysell
Bank transfers are entered into readysell as a payment and dissected against a gl bank account.
Whilst working through the first live bankrec, I pick up that that an unpresented transaction has been missed out and should have been part of the initial starting position and is already in the old system gl and bankreconcilation.
The wrong tenders are used and dont realise this until the bank reconcilation is extracted.
With Credit Cards and Visa Cards, the customer needs to determine whether they want to control the transactions via a supplier entry then a payment or a straight bank payment entry.
Working with the first bank statement for the whole month, a set of bank reconcilation rules and/or recurring bank payments need to be set up if you are using Automated Importing of Bank Statement.
Workign with the first bank reconciliation, the user needs to be trained and the first bank reonciliation extract and import of bank statement needs to be supervised. Usually the statement first time around has problems, due to wrong dates, no payment reference, bank rec rules needs tidying up and the tenders may need tweaking.