Importing Accounting Balances

You can import accounting balances from another accounting system by following these steps:

1. First import the inventory using the Data Import application.
2. Create a time period immediately preceding the current one. For example, if you're implementing the GL system as of August 1, 2005, create a time period that ends August 1, 2005.
3. Then, create accounting transactions and entries in that time period which describe the company's financial condition before it was transferred into opentaps. These can be done as a series of transactions all as of the last second of the time period (ie, July 31, 2005 at 23:59:59). You can create one transaction for the entire balance sheet with entries for every GL account, or a series of transactions.
4. Put these transaction entries in a file and import them into opentaps with Webtools, or directly into your database.
5. Once the transactions are in the system, go to [Financials] > [Transactions] > [Post Transaction]. You should see the transactions there and can post them one by one.
6. After posting the transactions, check that your trial balances and balance sheets are corrected.
7. If everything is correct, close out this time period. Then the initial financial conditions can no longer be changed, and you can start using your company with the opentaps.