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
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.