Assuming you have already setup your Chart of Accounts and Posting Groups, below is a simple list of opening financial entries to make.
- Open Bank Ledgers
- Open Customer Ledgers
- Open Vendor Ledgers
- Open Inventory Balance (if using Items)
- Open Sales Documents
- Open Purchase Documents
We have seen a lot of companies posting summary G/L balance entries for the past several quarters as well, which allows for getting a matching financial statement at Go-Live. The detail stays in the legacy system.
The opening entries should be part of a dry-run testing process. Spin up a new company and post your opening entries. See if it matches prior to planning your Go-Live. Re-run your dry-run test until you get it right. Much better to do it in a sandbox then to struggle on day 1 of go-live.
