Should we Upload Full Trial Balance on the system or just asset and Liabilities

1

should we Upload Full Trial Balance on the system or just asset and Liabilities coz one of client asked me this as they want to check full Profit and Loss of Previous year compared to this year also how to punch the Profit or loss in the liability in the ERP Next System Please Guide

2

Hi,

Normal process is Close the Financial Year in Legacy system and upload only Assets and Liabilties from the legacy system.

Alternatively, Let’s say you are bringing opening balance for Year 2025, you can import full trial balance including profit and loss accounts on 31st Deceber 2024 as a transaction and after that run the Period Closing voucher to bring opening for Year 2025.

Thanks,

Divyesh M.

3

ok but how about the next financial year what is the standard Process to do so or system Automatically Does so

4

Hi,

For Next year, you need to run only Period Closing Voucher to Close the year bring the opening.

Thanks,

Divyesh M.