Inputting Open Balances coming from Pro 5 to Pro 6

Modified on: 2017-06-12 16:01:58 -0400

  1. Getting Started
    • Take your list of clients with open receivables from Pro5.0 and enter a new project into Pro6.0 for each client on the list.  It may be a good idea to enter any outstanding invoice numbers and purchase order numbers into the project notes, as Pro6.0 will assign its own numbers to these documents
    • You will also need to enter a vendor for each vendor on your list of open accounts payable from Pro5.0.
  1. Enter Client Balances
    • Client Deposits – add a new Retainer through Cash Receipts for the client’s entire open deposit amount.  You will be able to allocate this retainer as needed when you create invoices for the client.  Your Open Client Deposit report in Pro6.0 should match your Open Client Deposit report in Pro5.0.
    • Client Invoices - Enter a line item in the newly created projects for each invoice on the client’s receivables.  All you have to fill in is the price field in the lower right corner of the window.   Make sure the price is equal to the total amount of the invoice from your list.  Create a new invoice for each of these items using the A/R à Client Invoices window.  Next print the Aged Accounts Receivables report and make sure that it matches your Pro5.0 report.
  1. Enter Vendor Balances
    • You will need to enter an operating expense for each bill listed on your open accounts payable from Pro5.0.  On each entry use the appropriate expense or cost of goods sold account.  After you make the entries, print an Aged Accounts Payable report and check to make sure that the report matches your Pro5.0 report.
  1. Enter Checks and Deposits
  • Enter another operating expense for each check that has not yet cleared the bank.  When entering the expense, use the hand check button to fill in the number and date of the check.  Make sure that you use expense and cost of goods type accounts when making these entries.  Also enter a miscellaneous cash receipt for each bank deposit that has not cleared the bank.  Next, enter one final miscellaneous cash receipt to serve as your opening cash balance.  On this entry make the amount equal to the ending balance on your last bank statement.  It is a good idea to use the retained earnings account for the miscellaneous cash receipts.
  1. Entering General Ledger Accounts - Print a Trial Balance for Pro5.0 and compare it to your trial balance from Pro6.0.  Your cash, accounts payable, accounts receivable, and client deposit account balances should already match if you have correctly followed the steps above.  Write the correct numbers next to the accounts on the Pro6.0 trial balance.  Use these numbers to create a Journal Entry to make the two Trial Balances match.
  1. Entering Client Payments and Vendor Bills
  • When a client payment comes in for an invoice that was in your old system, enter it against the new invoice that you have created in Pro6.0.  Make sure that you put it against the correct invoice in Pro6.0, as the invoice numbers will not match the invoice numbers from Pro5.0.
  • When a bill comes in from a vendor, enter it as you normally would into Pro6.0.  If the bill is for a PO that was created in Pro5.0, you will have to create an operating expense for it.  If a vendor deposit is involved, enter that as a negative amount on the bill’s distribution using the vendor deposit account.  Enter the total amount of the invoice as positive numbers to the appropriate cost of goods sold accounts.

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