Historical transactions and beginning balances must be loaded into the system if a financial position already exists before you start using the software. These balances must be accurate in order for future reporting to provide an accurate picture of financial position.
There are several methods to initialize these balances which include manual journal entries, importing beginning balances from an external source, or entering transaction level details.
A list of outstanding accounts receivable and accounts payable invoices, a current trial balance from your legacy accounting system, bank statements and any unrepresented bank items will be needed to enter these balances.
There are two types of historical data: financial level and project level cost/revenue. Financial historical data will be loaded as General Ledger Journal Entries, while project level cost/revenue will be loaded as some combination of hours, expenses, and fixed price items. For more information, reference the Labor and Expenses page below.
Historical Data Entry Walkthroughs
- Historical Financials: Outstanding Accounts Payable Items
- Historical Financials: Outstanding Accounts Receivable Items
- Historical Financials: Outstanding Bank Reconciliation Information
- Historical Financials: General Ledger Beginning Balances (Trial Balance)
- Historical Financials: Labor and Expense
- Historical Financials: Process Guide to Historical Transactions and Beginning Balances
- Historical Financials: Unbilled Receivables and Deferred Revenue Balances