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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