Last Year end date (31 December)
Go Live date (Always the start of a month)
If in advance
Xero organisation added in month prior to ‘Go Live Date’
Bank Feed should be setup at least 2 weeks prior to Go Live Date.
Ideally want to have the bank feeds in operation prior to Go Live Date.
Try to clear as much as possible in OnTarget prior to ‘Go Live Date’
If in arrears
Setup organisation, apply for bank feeds & don’t do any reconciliations until they have started.
Import bank statements from start of month till bank feed date to fill in the gap … then start the reconciliation.
Accounts Payable – objective to reconcile to 31 Dec & Go Live Date-1
All unpaid invoices as at Go Live date entered in Xero & coded to 999 Suspense
Use actual invoice date if between 31 Dec & Go Live Date
If invoice date prior to 31 Dec use 31 Dec as invoice Date
Calculate total of unpaid invoices as at 31 Dec
Create invoice for difference between what was unpaid then and what is still unpaid now from that prior to 31 Dec period and put to Contact Suspense with a credit for the same amount on 1 Jan.
Process as per normal all transactions from Acchdr/detail with transaction date >= Go Live Date
This will get all new invoices and journal reversals
Get list complete with categories, cost price $ & cents, depreciation rate & accum depreciation in $ & cents, as at 31 Dec & import into Xero. Reconcile to year end figures/balance sheet.