What is best option to start using AccountRight from paper system?

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Contributing User TheRob
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What is best option to start using AccountRight from paper system?

I have been using MYOB AccountRight for another business for some years and a few months ago I was asked to start using it for another company that has been operating for some time on a paper system. I have loaded the chart of accounts and opening balances from Dec 2018 plus loaded many customers, items and jobs as well as linked the bank accounts. However the boss has now decided it's too hard for him to transition this financial year so he wants to start with MYOB on July 1. That means the accountant will take his paper records and compile new financial statements as at June 30, 2019. 

 

I would like to run the business in parallel with the paper system until we start using MYOB July 1 but I am worried that it will not sync properly with the accountant's figures and that will create untold headaches for me. Or should I just wait till July 1, start the process again and enter the opening balances when the accountant has finished doing the books?

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Ultimate Partner IanChait
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Re: What is best option to start using AccountRight from paper system?

Hi @TheRob 

 

Since there are only 2 months to go, I would wait until 1 July. You will then need to get all your opening balances as early as possible.

 

If you start using the system now, then after the accountant has completed the accounts, ask for their Trial Balance. Compare it to yours from the program, and then update your figures to the accountants using a General Journal Entry.

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

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Contributing User TheRob
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Re: What is best option to start using AccountRight from paper system?

Thanks very much for that. Appreciate your direction. I think I will use your second option in this case so I can start loading, using and testing some of the data. I have a lot of items to load and tweak. Fixing balances with a General Journal will be easy enough

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