INTERNET APPLICATION DEVELOPMENT
MID MARKET ERP DEVELOPMENT
by Sheila Zhang
After migrating to a new accounting system, following setting up the chart of accounts, the next step is to input the account balances into the new system. Some companies prefer to keep all account changes for previous years so they can continue to print some financial analysis reports for comparison. Others simply build up the account balances by using the end of the last day in the legacy system.
Either way works in Intacct. There are two type journals: Accounting Beginning Balances Journal and General Ledger Journal when you are on the Company Setup List page.
The Account Beginning Balances Journal allows you import the balance of all accounts by specified date. In the import file, you don’t need to specify the as of date. Instead, you enter it on fly, on the Company Setup List page.
However, the Date is required in the General Ledger Journal import file.
You need to be careful to generate the General Ledger Journal import file. Here are some points that might cost you a lot of time to figure out if you don’t know them.
1. The LINE_NO is a very important field. This value decides how to split one import file to many journal entries. If you input the transactions of multiple dates in one import file, remember to reset the LINE_NO to 1 at the first row of each day. Otherwise, the transactions are imported into the same journal entry. It also must be sequenced. If you see some error messages like the ones below, and you are pretty sure you entered all date and description fields, then check if LINE_NO is sequenced.
2. Don’t leave dollar signs “$” or thousand separators “,” in the amount fields. The error code somehow determines that the import file is out of balance instead of the invalid character in the amount fields.
If you have any questions on setting up Intacct, please contact me.