Objective: Enter all of the necessary transactions in OneSource, that normally effect the General Ledger, in such a way that they will not cause a double posting to the General Ledger (due to the fact that they are already part of the Beginning Balance Journal Entry).

Note: This topic assumes that you have not purchased a comprehensive data import into OneSource.

Note: This topic assumes that you plan to use the General Ledger in OneSource to print Financial Statements (such as an Income Statement, Balance Sheet, and a Statement of Cash Flows).  If you are planning to export or re-enter summarized financial information into another accounting system, you can simply ignore (not use) the General Ledger functionality in OneSource.

Step by Step:

You can get up and running with a balanced Balance Sheet by following these steps:

1. Determine a date and time when you will print and enter the final Balance Sheet debits and credits (from your older accounting system) into OneSource as a Beginning Balance Journal Entry.  This will start OneSource off with the correct Accounts Receivable (AR) Balance, Accounts Payable (AP) Balance, Inventory valuation balance, etc.  (This will be performed in the later on this step by step procedure).

2. Refer to the FAQ called "What is the best step by step method to get up and running with the correct data in OneSource?" for ideas of which data to enter, in which order, and how it should be entered.

3. Follow these instructions to enter, at the very least, the following types of transactions that have an effect on the General Ledger:

4. 1. Enter all Invoices that are (or were) still open (unpaid) as of the Final Cut Over Date by creating special balance forward Invoices.

   2. Enter all Bills (Invoices from your suppliers or vendors) that are (or were) still open (unpaid) as of the Final Cut Over Date by creating special balance forward Bills.

   3. Enter all Banking transactions that are (or were) still open (unreconciled) as of your last banking statement as of the Final Cut Over Date by creating special balance forward Banking transactions.

4. Create a Beginning Balance Journal Entry to start off your General Ledger

ID: A1079