06. Farvision Reconciliation with legacy accounting software Process Document with Steps
Based on decided cut-off date like 1st April or 1st October Companies wish to implement Fv-Finance and intend to make it fully operational.
Pre-requisite before Start of Work:
1. Financial Integration and controlling parameter checking – Check and audit all integration and controlling ledgers of all modules for final verification (Please ignore this step if the same is already executed and sign-off received from client)
2. Reediness of audited Chart of Accounts in Farvision – Client to verify the same and if any changes received, incorporate the same (Please ignore this step if the same is already executed and sign-off received from client)
The Steps of Implement accounts data reconciliation with legacy accounting software are as below:
1. Stop Transaction in legacy accounting software (mandatory from the cut-off date)
2. Extract Account Head Details in excel from Farvision available under Finance > Report > Chart of Accounts > Account Head Details
3. Extract Group Wise and Ledger wise Trial Balance as on cut-off date from legacy accounting software
4. Extract Group Wise and Ledger wise Farvision Trial Balance on cut-off date
Execution Steps
| Legacy accounting software Ledger Name | Legacy accounting software Group | Legacy accounting software Sub Group | Legacy accounting software balance. | Farvision Ledger Name | Farvision Control Account | Farvision Group | Farvision Sub Group | Farvision Ledger Nature | Farvision Balance | Remarks |
| Control Account | ||||||||||
| Control Account with Same As / Free Sub Ledger | ||||||||||
| Sub Ledger | ||||||||||
| General Ledger | ||||||||||
| Cash | ||||||||||
| Bank |
01. Conduct a discussion meeting with client and finalize the decision based on the implemented enterprise structure, for identification of the HO Business Unit where the differential balance to be adjusted in Farvision, resulting Company Level Opening should be tallied after finish of work.
02. Conduct a discussion meeting with client for decision and road Map for Creditor adjustment against missing bill [which are not available / entered in Farvision] but balances came in legacy accounting system.
03. Conduct a discussion meeting with client and explain the concept of same as / free ledgers (single Ledger can be used in multiple control account like: -Retention Money is a control Account where all the creditors’ ledger are available. Same concept will be applicable against Salary payable also)
04. Generate Creditors Outstanding with Paid Bills from Farvision and submit to Client for verification and put updated balances which should be tallied with Creditors balances available in legacy accounting software.
05. Explain to open Manual TDS Ledger for reconciliation.
06. Verify the same with client as a mandatory execution step and take sign-off before creating / Import any Ledger
07. After getting confirmation, Import New Ledgers
08. Note – ALL STATUTORY and COMPLIANCE data will be maintained as ledger balance only for this differential JV and reconciliation execution
09. This is differential JV execution process ONLY to match the closing balance based on the cut-off date between legacy accosting system and Fv finance.
10. No data to created/entered apart from balance differential JV as on cut-off date.
11. Fill this Ledgers against Control Sheet against point No 1. Earlier marked as Missing in Farvision.
12. Mail the Control Sheet to Client for filling the legacy accounting system Balances against respective Ledger
13. Verify the Total of Debit and Credit should Zero, else escalate to client for Re-Check
14. Take Go-Ahead from Client
15. Create One Bank named – “Reconciliation Bank”
16. Pass Receipt/Payment entry against the Ledger balance differences with Reconciliation Bank
17. Pass Journal through GSTJo against GST Ledger balance match with Reconciliation Bank
18. Pass Journal through SYSJO against System Generated Ledger with Reconciliation Bank
19. Check Trial at End here Reconciliation Bank balance has to be Zero.
20. Run Carry Forward
21. Present Trial Balance, Balance Sheet and P&L as on cut-off date to Client for Sign-Off.
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