This guide is designed to assist you in understanding the key accounting dates to ensure a seamless transition during the rollout of our new systems. Follow these detailed instructions to prepare effectively and ensure your financial records are up-to-date and ready for the switch.

Here is an example of what the key accounting dates would look like for a Go Live date of 18th June:

NETSUITE BOOKS BALANCED DATE

In Netsuite, we require your books to be up-to-date and balanced to the "Netsuite books balanced date". Please ensure you have this completed by the due date communicated to ensure we can migrate your data after the due date.

For your books to be "balanced" please work with your bookkeeper to ensure that at a minimum the following is done.

1. Bank reconciliation completed - see the support guide
2. AR and AP Aging is matched to Trial Balance

Bank reconciliation: These should be done (usually monthly) to ensure the accuracy of your bank balances reflected in your trial balance.  For Xero migration your bank accounts must be reconciled up to your ‘books balanced date’.   If you have anomalies you will need your accountant's advice on how to journal GL accounts correctly. 

Accounts receivable balances:  The accounts receivable balance in your trial balance must match the balance in your AR aging report.  If this does not match, this causes issues with data migration into Xero.

Please ensure that you have reviewed these balances and resolved any discrepancies.  

Typically we are finding FPs with transactions dated in one month but posting period on the transaction is another month which are causing discrepancies between the Trial Balance and the AR aging report (for example the invoice is dated 30 June 2024 but the posting period is in July 2024. You need to update the transaction so invoice date and posting period align.  

Trial Balance: Accounts Receivable:  

AR Aging report total must match the Trail Balance:

Accounts Payable balances

The accounts Payable balance in your trial balance must match the balance in your AP aging report.  If this does not match, this causes issues with data migration into Xero.

Please ensure that you have reviewed these balances and resolved any discrepancies.

Trial balance accounts payable

AP Aging report total must match the trial balance:

Books balanced = No further transactions dated on or before books balanced date 

Once you have confirmed your books are balanced you must not make any further changes that will change any value in the Trial balance, AR or AP results in NetSuite as this will cause delays in your go-live.

When you tell us the books are balanced, we take a snaphot of that data and migrate that data into Xero.  If you make further changes in NetSuite after we have taken that snapshot, those changes will not match in Xero.

For this reason, once you confirm your books are balanced, we will close the accounting period in NetSuite so you cannot make any further changes. You can continue to operate your business, but this will help prevent delays in your go live date.  

Once you are live, if you need us to re-open the accounting period please log a ticket.  If changes need to be made before your books' balanced date (if dated 30 June or before), they will need to be applied in both NetSuite and Xero