Accounts Payable – objective to reconcile Now,   Transition Date & Prior FY end date

#1 Reconcile to Transition date (eg 31 May 12 if go live from 1 June 12)

The values should match the ‘Outstanding Invoices’ report from OnTarget for May 2012.
All unpaid invoices before Go Live date should be entered in Xero & coded to 999 Suspense
Use actual invoice date if between Start of Prior financial year & Transition  (eg 1 Jan 11 – 31 May 12)

If invoice date prior to start of prior financial year use start of prior financial year.  Ie if before 1 Jan 11 use 1 Jan 11 as invoice date.
Why – because we don’t allow any transactions back any further as this is the first month we will enter P&L history for.

#2 Reconcile to End of last Financial Year

Calculate total of unpaid invoices as at 31 Dec.  (as per ‘Outstanding Invoices’ report for Dec 11) Create 1 combined 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.

#3 Reconcile to NOW

Process as per normal all transactions from Acchdr/detail with transaction date > Transition Date
This will get all new invoices and journal reversals

Bank Transition

Copy all unpresented deposits at Transition date.  (same date rules as above?)
Possible just put all Deposit Bag & Eftpos amounts for the 7 days prior to Go Live against the appropriate bank account & coded to Suspense.  Manually delete the surplus ones.


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