Take on balances |
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Take-On-Balances refer to the process of entering opening balances into a new accounting system or software. This is typically done when a company transitions from one accounting system to another or starts using accounting software for the first time. The balances represent the financial position of the company at a specific point in time, such as the start of a financial year.
In order to bring the balances into Smart-It Accounting, you will need to have certain documentation from the previous accounting system.
Documentation Needed |
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General Ledger |
It is best to use an audited trial balance or balance sheet from the previous accounting system, along with bank statements.
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Customer Balances |
Customer age analysis.
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Supplier Balances |
Supplier age analysis.
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Inventory Balances |
An accurate stock take, with cost prices for each item.
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When transferring balances, your entries will not include tax, as tax has already been accounted for in all transactions posted in your previous accounting system.
All balances will be exclusive of tax.
To add a General Ledger Account, click here.
To set Account Defaults, click here.
Note: After transferring all the balances, print the trial balance and compare it with the trial balance you used during the take on process.
Data that can be imported into SI+
