TFX Biz-Flow Comprehensive Guide
  • Quick Start
    • Sell Module Guide
      • Introduction
      • Navigating the Sell Module
        • Dashboard
          • Features
            • Access to Critical Data
            • Interactive Reporting
            • Actionable Insights
        • Product Management
          • Overview
          • Adding a New Product & Services
          • Adding Products/Services via CSV
        • Price List Management
          • Overview
          • Setting Up & Updating Prices
        • Customers Management
          • Overview
          • Adding New Customers
          • Customer Information Management
        • Invoice Management
          • Overview
          • Invoice Creation
          • Editing and Deleting Invoices
      • Compliance with LHDN's E-Invoice Enforcement
    • Buy Module Guide
      • Introduction
      • Navigating the Buy Module
        • Dashboard
          • Features
            • Access to Critical Data
            • Interactive Reporting
            • Actionable Insights
              • Purchases with PO
              • Purchases Without PO
              • Detailed Procurement Tracking
        • Purchase Requisition
          • Overview
          • Step-by-Step Guide to Creating a Purchase Requisition
        • Initiating Quotation/Tender Process
        • Vendor Evaluation
        • Selecting a Vendor
        • Supplier Invoices and Goods Receipt
          • Goods Received Note
        • 3-Way Matching Process
        • Handling Discrepancies in Procurement
        • Inventory and Asset Management
        • Additional Procurement Scenarios
        • Conclusion
    • Pay Module
    • Accounting Module
      • Right of Use (ROU) Asset
      • General Ledger
      • Direct Costs
      • Viewing General Ledger Accounts
      • Subsidiary Ledgers
      • About Debit Note
      • Real-Time Financial Statements
    • Manage Module
      • Inventory Module
        • Inventory Management
        • Our Inventory Management Application
        • Product & Material Inventory Ledger
        • Transfers
        • Issues To Production
        • Adjustments
        • Importance of Stock Count
        • Valuation of Inventory
      • Asset Register Module
        • Non-Current Asset Register
        • Fixed Asset Register
        • Depreciation Methods
        • Disposal/Write Off of Fixed Assets
        • Asset Impairment
        • Maintenance History
      • Project Accounting Module
        • Contract/Project Accounting Module
          • Project Accounting
          • Contract Accounting Ledgers
          • Invoicing
      • Data Migration Module
        • Migration at the end of a Financial Period
        • Migration Process for Trade Receivable and Payable
        • Migration of Fixed Assets
        • Migration of Inventories
        • Migration of Other Asset, Liability, and Equity Accounts
        • Migration During a Financial Year
        • Trade Receivables & Payables
        • Our Data Migration Facilitations
        • Sales Invoice Migration
        • Vendors Invoice
  • FAQs
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  1. Quick Start
  2. Manage Module
  3. Data Migration Module

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.

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Last updated 1 year ago