General Ledger Setup Checklist (Part 2 - Loading Opening GL Balances)
There are two methodologies that can be used for loading opening GL Balances.
Method 1
Prior to live processing, load at least the following opening balances for:
Cash at Bank (all accounts)
Parent Debtors Control Account
Commercial Debtors Control Account (if required)
Accounts Payable Control Account.
Use a Suspense account to offset these entries in your opening journal.
This method allows you to commence live processing in TASS.web and provides you with some time to finalise the rest of your GL opening balances.
When these balances become available (must be before your first month end), you must upload a second opening balances journal. In this journal the Suspense account should be used in substitute for Cash at Bank, Parent Debtors Control Account, Commercial Debtors Control Account (if required) and Accounts Payable Control Account. This will clear the Suspense account.
Important! All steps in this checklist must be completed before live processing can commence in the TASS.web financial modules.
Step | Task / Menu Option | Details |
|
|---|---|---|---|
1 | Prepare an Excel file with a journal for your opening GL Balances. Refer to the help for program General Ledger > Account & Journal Info > Journal Upload for the file format. | ||
2 | General Ledger > Setup Information > Years and Periods | Opening Balances are kept separate from live transactions by loading them into the period immediately prior to your first live period. Ensure that there is a year/period immediately prior to your first live period setup and with the 'GL' box ticked. | |
3 |
It is very important that all normal processing ceases until the steps in this checklist are completed in full. Suspend all processing in all financial modules. | ||
4 | General Ledger > Setup Information > General Ledger Setup on the 'Parameters' tab | This step requires that a critical system flag is switched off – it is very important that Step 3 above has been done first. Click the 'Edit' icon, uncheck the 'Cashbook Installed' box and save. | |
5 | General Ledger > Account & Journal Info > Journal Upload | Load the journal file prepared in step 1 into the year/period setup in step 2. | |
6 | General Ledger > Account & Journal Info > Journals | Search for and print the Opening Balances journal and check that it is correct. | |
7 | General Ledger > Account & Journal Info > Post Journals | Post this journal by clicking the 'Post' link for the year/period used in step 5. | |
8 | General Ledger > Listings & Reports > Trial Balance | Generate a Trial Balance for the year/period used in step 5. | |
9 | General Ledger > Setup Information > General Ledger Setup on the 'Parameters' tab | Click the 'Edit' icon, check (tick) the 'Cashbook Installed' box and save. | |
10 | General Ledger > Setup Information > Years and Periods | Close the year/period that you used to load your opening balances. | |
11 | Load unreconciled Cash Book Transactions. Refer to: | Complete the Loading Unreconciled Cash Book Transactions Checklist fully and return to this checklist to Step 12. | |
12 | Processing in all financial modules can now commence. | ||
13 | Before first month end, load the rest of the GL Opening Balances. General Ledger > Account & Journal Info > Journal Upload | When these balances become available (must be before your first month end), you must upload a second opening balances journal (using the same year and period as in Step 5). In this journal the Suspense account should be used in substitute for Cash at Bank, Parent Debtors Control Account, Commercial Debtors Control Account (if required) and Accounts Payable Control Account. Proceed to post using program General Ledger > Account & Journal Info > Post Journals. This will clear the Suspense account. | |
14 | General Ledger > Special Processes > Year End Close | Where the period used in Step 5 is in a year prior to the first live period, you will need to run the Year End to roll forward the Balance Sheet accounts into the current year. | |
Method 2
Prior to live processing, load opening balances for all GL accounts.
Important! To ensure a clean cut-over to your TASS General Ledger, the completion of this checklist must be strictly controlled and done from start to end as a single task. Call the TASS Helpdesk if are unsure about any of these steps.
Step | Task / Menu Option | Details |
|
|---|---|---|---|
1 | Prepare an Excel file with a journal for your opening GL Balances. Refer to the help for program General Ledger > Account & Journal Info > Journal Upload for the file format. | ||
2 | General Ledger > Setup Information > Years and Periods | Opening Balances are kept separate from live transactions by loading them into the period immediately prior to your first live period. Ensure that there is a year/period immediately prior to your first live period setup and with the 'GL' box ticked. | |
3 |
It is very important that all normal processing ceases until the steps in this checklist are completed in full. Suspend all processing in all financial modules. | ||
4 | General Ledger > Setup Information > General Ledger Setup on the 'Parameters' tab | This step requires that a critical system flag is switched off – it is very important that Step 3 above has been done first. Click the 'Edit' icon, uncheck the 'Cashbook Installed' box and save. | |
5 | General Ledger > Account & Journal Info > Journal Upload | Load the journal file prepared in step 1 into the year/period setup in step 2. | |
6 | General Ledger > Account & Journal Info > Journals | Search for and print the Opening Balances journal and check that it is correct. | |
7 | General Ledger > Account & Journal Info > Post Journals | Post this journal by clicking the 'Post' link for the year/period used in step 5. | |
8 | General Ledger > Listings & Reports > Trial Balance | Generate a Trial Balance for the year/period used in step 5. | |
9 | General Ledger > Setup Information > General Ledger Setup on the 'Parameters' tab | Click the 'Edit' icon, check (tick) the 'Cashbook Installed' box and save. | |
10 | General Ledger > Setup Information > Years and Periods | Close the year/period that you used to load your opening balances. | |
11 | General Ledger > Special Processes > Year End Close | Where the period used in step 5 is in a year prior to the first live period, you will need to run the Year End to roll forward the Balance Sheet accounts into the current year. | |
12 | Processing in all financial modules can now commence. | ||
13 | Move to the next General Ledger Setup guide. | ||