Completing the Final General Ledger Startup Procedure

❑You should have successfully completed the General Ledger Start-up Transaction entries derived from the General Ledger information in your Company's old general ledger system, and produced the appropriate Financial Statements in the new system - which are now the initial set of Financial Statements within MKMS

•If you have not already done so, Print the MKMS Trial Balance, Balance Sheet and Income Statement reports for this Closed Month (it is the Month Ending Date of the initial set of Financial Statements).

•Compared them to the old system's reports.

❑Overview and review of the Final Steps required to complete the General Ledger Start-up process:

•Complete the Final General Ledger Start-up Procedure by posting information derived from the MKMS Accounts Payable and/or Accounts Receivable module's Reports for the Financial Transactions created within MKMS for Accounting Periods posted after the Month Ending Date of the initial set of Financial Statements.

•This is also a step by step process where you will post each month's Accounts Receivable & Accounts Payable module's Reports data calculated by using the Summarizing Transactions methodology, posting one month at a time, until you've finished the process by posting the current month's transactions:

1.Print the Transaction Summaries Reports.(must have been completed)

2.Summarize those Transactions.(must have been completed)

3.Run the Setup Wizard (must have been completed).

4.Post the General Ledger Start Up Entries (must have been completed).

5.Then:

a.Post the Summarized Transactions into the General Journal, one month at a time - dating each set on the last day of that month following the instructions in the General Ledger Start Up Entries chapter.

b.Close each of these Months in the General Ledger System, one month at a time indicating that you want to Automatically Distribute Profit or Loss for this Period, and for each month, print the Trial Balance, the Balance Sheet and the Income Statement reports.

c.If required (because you had not finished entering transaction for the past fiscal year in your old General Ledger), when you've entered the transactions for Period 12, Close that Fiscal Year following the instructions in Step 3. in the General Ledger Start Up Transactions chapter.

d.Finally, using the General Journal, make any additions or corrections entries needed. Re-close the month indicating that you want to Automatically Distribute Profit or Loss for this Period and then re-print the Trial Balance, the Balance Sheet and the Income Statement reports.

•You'll Repeat the Summarizing & Posting & Closing process until you've posted the current month, but you will not close this current month.

✓Just print the General Journal Report, and check it to be sure you've entered all the current month's Summarizing Transactions.

❑What's Next?

•Complete the Final General Ledger Start-up Procedure:

a)Post the Summarized Transactions

b)Read the General Ledger Procedures chapter.

•You're done.

Completing the Final General Ledger Start-up Procedure