Overview:
This guide outlines the meticulous process of migrating data from Illustration Limited's old ERP system to XFlow, culminating in the accurate representation of financial information for the specific periods. The target date for commencement of operation in XFlow is 1 July 2024 which is day one for financial year ending 30/06/2025.
The balance sheet of Illustration Limited at end of Financial year ended 30/06/2023 (Year 1) is presented below:
The trial balance of Illustration Limited at the end financial year ended 30/05
Step 1: Transfer Balance Sheet Items (FY Ended 30/6/23 to FY Ended 30/6/24)
Objective: Transfer all Balance Sheet items to initiate FY Ended 30/6/24 with accurate opening balances in XFlow.
Actions:
- Input each balance sheet item manually or via CSV file into XFlow.
Step 2: Reversal of Journal Entries (1st July 2023)
Objective: Reverse initial journal entries to reflect net change effects when transitioning to closing balances as at 30/6/24 in XFlow.
Actions:
- Record reversal entries in XFlow to ensure continuity.
Step 3: Transfer Trial Balance (30/6/24 to XFlow)
Objective: Migrate the trial balance of Illustration Limited as at 30/06/2024 to XFlow to ensure accurate financial representation for financial year ended 30/06/2024 and to commence financial year ending 30/06/2025 with opening balances of balance sheet items.
Actions:
- Upload the trial balance via CSV file, ensuring all accounts and balances are correctly transferred.
Transfer accounts with subsidiary ledgers via CSV files for:
Property, Plant and Equipment:
Trade Receivables:
Inventory of Finished Goods:
Inventory of Raw Materials:
Accounts Payable:
