How to Use the Import Data File Tool for Cutover Profit & Loss Account Balances
24 steps
|
2 minutes
1
Navigate to Brokerage Engine.
2
Click the "Accounting" tab to navigate to the BE Accounting module.
3
Click the "Quick Actions" menu.
4
Click the "Journal Entry" option.
5
A new Journal Entry will display.
6
Click the "Import Data File" button.
7
The prompt window will display the option to "Import From CSV"
8
Click "Download Import template"
A CSV file named "import-journal-entry-template" will automatically save on your "Downloads" folder.
Create the Import Journal Entry Template
9
The file will have the format below. Follow this template to import the information to BE Accounting.
10
In the column named "Post_Date (Journal Date)" fill out all cells with the Journal Entry Date.
If the Journal Entry contains 16 lines, the 'Post Date' value must be copied to all 16 rows."
11
Pull the Profit and Loss Report on the old Accounting System up to the Cutover Date.
A **Normal Balance** means the side (Debit or Credit) where **increases** are recorded for that account type:\ \ **Account Type --> Normal Balance**\ Expenses --> Debit\ Equity -- > Credit\ Income -- > Credit\ \ To **reduce** the balance of an account, apply an entry on the side opposite its normal balance.
Record Income Accounts
12
In the column named "Expense_Account_Code (Account)" fill out the Income Account Number as displayed on the Chart of Accounts.
The Account Number can be associated with any type of account; it is not limited to Expense type or detail types.
If an Account does not have a number assigned in the Chart of Accounts, a number must be added before proceeding.
13
In the column labeled "Credits," enter the amount needed to adjust the Income account balances. If an Income account has a negative balance, the entry should instead be recorded in the "Debits" column.
14
In the column named "Description" fill out the cells with the desired text. Descriptions can be added on a per-line basis.
15
In the column named "Location_Desc (Class)" fill out the cells with the desired Class.
Classes can be assigned on a per-line basis. Use the Class name exactly as it appears, whether it is a parent or subclass.
16
In Cell "K2" under the column named "Doc_Number" fill out the desired reference number for the "Journal No. field.
Record Expense Accounts
17
The information for the Expense Accounts needs to be added. if an Expense has a negative balance then it needs to be added on the Credits column
Record Net Profit or Net Loss Amount
18
To balance the Journal Entry, the Net Profit or Net Loss amount must be recorded against the Equity Historical Balancing Account (or Opening Balance Account). If there is a Net Profit, the amount should be credited; if there is a Net Loss, the amount should be debited.
Once all the desired information has been entered into the template, it can be saved. If any information is missing, it can be added later on the Journal Entry screen after the file is uploaded.
Upload the Data File
19
Back in the BE Accounting screen, click the "Import Data File" button.
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Click the "Browse" button and locate the file.
21
Click "Upload"
22
The Journal Entry will populate with the information on the template.
23
Click the "Save" button.
24
Click "OK"
