Tips:
iRely recommends:
- Do not import detailed journal entries into the system.
- While detailed journal entries can be imported the costs outweigh the benefits
- iRely would recommend importing month end balances for the period of time you usually create comparative statements
- So if you have a year over year comparison report then we would recommend:
- importing the prior fiscal year balances as of the beginning of the year.
- the current year net change to the conversion date
- for example if you were going live as of 1-1-2025 then you should import
- ending balances as of 1-1-2024
- month end change balances thru 12-31-2024
- When you import your balances make sure that you know the manual entries to retained earnings
- iRely will calculate retained earnings so you should import only retained earnings adjustments not supported by the income statement
- System accounts:
- iRely maintains the Accounts Payable, inventory, Accounts Receivable and Fixed asset accounts
- it is best that you import these balances to a clearing account that is not your standard clearing account
- when you import subledger balances make sure to clear the balances against the account you imported the GL Balances into
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