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Going live with accounting in the middle of financial year

Element Green
on 7/2/13, 3:57 PM 1,347 views

I have limited accounting knowledge and am trying to wrap my mind around what steps need to be accomplished in order to go live with accounting in OpenERP. We have been using OpenERP 6.2 for over a year now primarily for its MRP system and have not been fully using the accounting module. This means that there are a lot of supplier and customer invoices in the system, which have not been reconciled.

At this point, we want to mark as paid the majority of invoices in the system, leaving the ones that have not been paid open and entering into the system starting balances from our actual bank account. We will then be more proactive about reconciling invoices and entering in other monthly bills (rent, payroll, etc).

Any help on this process would be much appreciated. Can anyone confirm that what I described above is more or less the way I should go about this process?


michel Guénard

--michel Guénard--
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--michel Guénard--

VP operations & finance Social entrepreneur Certified Public Accountant Past Chief internal auditor

michel Guénard
On 7/2/13, 9:03 PM

I recommend to

  1. key in/import the trial balance of all accounts as of the last day before your go live with accounting;
  2. add to this trial balance the individuals suppliers accounts with every already paid invoices ("pre-golive")
  3. modify the balance of your bank account by adding to the actual amount the sum of all invoices paid before the go live (the total amount of invoices from point 2 above)

You will the be able to record the payment of suppliers' invoices, which will decrease the bank account ; at this point of time the bank account must show a balance equal to the actual one (before the go live).

Same process for any other paid expenses prior to the go live. (if you need to)

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Asked: 7/2/13, 3:57 PM
Seen: 1347 times
Last updated: 3/16/15, 8:10 AM