Striven has an amazing tool that makes performing a Historical Accounting Migration a breeze! This is useful when you want to enter your historical summary data by fiscal year instead of one Journal Entry with the Opening Balance for each account.
Similarly to the Opening Balance Migration, there are some recommended preliminary steps to follow before creating the Adjustment Journal Entry using Striven’s Historical Accounting Migration tool. These steps are noted on the Historical Accounting Migration page under Company Settings, which can be found by navigating to:
Company → Settings → Accounting → Historical Accounting Migration
Once you have selected the date period for the Adjustment Journal Entry you will be given the choice of manually entering the legacy system data or uploading an import file that contains your GL Account name, Debit amount, and Credit amount from your legacy system.
You will be required to select a Customer/Vendor at the bottom of the Historical Accounting Migration page, which will be used for AR/AP entries, if any. You will typically use your own company for this field.
After creating the Adjustment Journal Entry, a confirmation page will display providing a link to view the Journal Entry that was just created and the option to create another entry.
For more information regarding this topic, you can reference the Historical Accounting Migration section of our Striven Accounting Migration Guide. You can also browse our Striven Business Software YouTube channel for other useful Accounting Setup topics.