Migration During a Financial Year

Migration from a legacy ERP to Biz-Flo during a financial year is possible by following a structured migration process, which includes data cleansing and mapping. To accomplish this, we recommend selecting a convenient cut over date, preferably at the end of a month close to the current date. It is important to prepare a profit and loss statement and a balance sheet up until the chosen migration date. Assuming successful validation and mapping of data flow from the legacy ERP to Biz-Flo, the following steps should be followed:

1. Opening Balances for Asset, Liability, and Equity Accounts:

• Migrate the closing balance of each balance sheet item from the previous financial year using the general ledger migration journal provided in the migration module.

• Date this journal entry as of the last day of the previous financial year to ensure the system recognizes it as opening balances. The corresponding account for each item is the "migration account".

Example: Financial Year: January 1 to December 31 Mid-financial year migration date: June 30, 2023 Journal Entry date: December 31, 2022

1. Prior to migrating the balance items as of the migration date, reverse the migration of the beginning of year opening balance performed in step 1 above. Date this journal entry on the date of migration.

2. The next step is to migrate all balance sheet items as of migration date, following the same process as in year-end migration. This will result in the desired "net change" concept.

3. Finally, migrate the profit and loss items, which are the balances of revenue and expenditure accounts at the migration date.

Once these steps are successfully completed, you will have a balanced trial balance and financial statements. You can then begin recording live business transactions in Biz-Flo.