To use PERFECT FIT for Accounting.
Best done by example, and use these assumptions:
You have been using PERFECT FIT for the past 4 months, and you have entered invoices and checks, although not always accurately.
You want to go officially “online” as of Sept 1, and today is Sept 20.
You have been keeping accurate accounting records in some other system.
Diagnostics are clean in PERFECT FIT.
1. Receivables: Make sure all invoices and credit memos with open balances as of Sept 1 have been entered. If an August invoice was partially paid in August, then enter it with an Invoice date of August, and receive payment with a post date in August.
2. Payables: Make sure all bills and credit slips with open balances as of Sept 1 have been entered. If an August bill was partially paid in August, then enter it with a Bill date of August, and make the payment with a post date in August.
3. Close Periods: Go to Menus > Ledger > Close Periods (month), and close through July 31. DO NOT close August.
If you do not close the previous months or year your trial balance in step 6 will be wrong.
4. Confirm A/R: Go to Menus > Ledger > Reports > Trial Balance. Print this report As Of August 31. Then go to Menus > Invoices > Reports > Receivables > Aging as of.., and print this report as of August 31. The total Receivables on these 2 reports should agree.
5. If A/R does not reconcile, go to Menus > Ledger > Account Categories, FIND on account 1200, A/R, and account 1210, Factored A/R, and click on Detail History, Open Periods Only, and then click on the Show Opening button. Print this report to help you find the discrepancy.
6. Enter Reversing Transactions: Use the August 31 Trial balance from above, or print a new one if adjustments were made. Go to Menus > Ledger > General Journal. Enter REVERSING TRANSACTIONS with a POST DATE of AUGUST 31 for all the Accounts showing on the Trial Balance. If the Trial Balance shows a DEBIT, then enter a CREDIT, etc.
If you have entered previous A/R and A/P, then do not reverse: A/R (1200, A/P (2100). After entering the other transactions, enter the Out of Balance amount against Suspense (6900). The suspense acount will be the difference between AR and AP.
7. Confirm GL Adjustments: Go to Menus > Ledger > Reports > Trial Balance as of August 31. All Accounts should have a 0.00 Balance. If not repeat the previous step using the newest report.
If you have entered previous A/R and A/P, then there will be 3 accounts: A/R (1200, A/P (2100), and Suspense (6900).
8. Enter Correcting Transactions: Use the approved August 31 Trial balance from your previous Accounting System. Go to Menus > Ledger > Enter Transactions. Enter TRANSACTIONS with a POST DATE of AUGUST 31 exactly as shown on your approved Trial Balance. If the Trial Balance shows a DEBIT, then enter a Debit, etc.
If you have entered previous A/R and A/P, then then A/R (1200) and A/P (2100), will be entered againstSuspense (6900).
9. Confirm GL Adjustments: Go to Menus > Ledger > Reports > Trial Balance as of August 31. This report should match exactly the approved August 31 Trial balance from your previous Accounting System.
10. Close Periods: Go to Menus > Ledger > Close Periods (month), and close through August 31. The Opening Balances for September 1 are now correct.
Last revision: 3/22/13 AG
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