T -3: Trial balance
It's time to set the Accounts receivable and payable balances in your new system.
You’ll need to decide on a start date (New System Date a.k.a. NS Date) for accounting for new transactions in the new system. This will be the day after your Cut-off date.
'Open' posting open transactions preparation: You'll need AR balance by Customer, and AP balance by Supplier. Collate unused AR and AP credit.
'Open' posting open transactions preparation: You'll need AR balance by Customer, and AP balance by Supplier. Collate unused AR and AP credit.
Setup Migration Control account: Create a General Journal and transfer the Trial balance.
Setup Migration Control account: Create a General Journal and transfer the Trial balance.
Accounts Payable, Pending Item Receipts GL Accounts? - remember, the balances for Item Receipts go into the Pending Item Receipts account. Quickbooks puts both the Bills and Debit notes, AND the Item Receipt balances in the Accounts Payable account. So please don't forget to split the former from the latter.
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