The last steps when performing the Opening Balance Migration to Striven include bringing over your Retained Earnings and Net Income before verifying your GL Account balances.
In Striven, both Retained Earnings and Net Income are calculated totals derived from your Profit & Loss Report totals. To have these totals appear on your Balance Sheet in their calculated fields, it is recommended that a Journal Entry be created.
- For Retained Earnings, the Journal Entry should be dated for the last day of your previous fiscal year.
- For Net Income, the Journal Entry should be dated for the last day of the month prior to your cutover date using an Income Account.
You can also flag a GL Account on your Chart of Accounts as a Retained Earnings Account. If an account is flagged as Retained Earnings, the postings are calculated as Retained Earnings on the Balance Sheet and Trial Balance. To learn more about how to flag an account as Retained Earnings, reference our Accounting Setup Guide.
Once you have completed these steps, you can move on to the final step in performing the Opening Balance Migration process by verifying your General Ledger account balances.
For more detailed information about these steps, please review the Performing an Opening Balance Migration section of our Accounting Migration Guide. You may also want to browse our Striven Business Software YouTube channel for other useful Accounting related topics.