Add a Conversion Balance

To enter your conversion balances into AccountsPortal, navigate to the Settings tab, select the Chart of Accounts tab and click on the Add Conversion Balance button.

Add Conversion Balance

  • Transaction ID:  Automatically generated sequential number based on the Transaction Numbering settings for the Organisation. 
  • Reference: Optionally enter any relevant text.
  • Date: For new Conversion Balance transactions, the Date field will default to 1 day before the Conversion Date specified in the Organisation's setting. Although you can set this to an earlier date if you wish, you cannot choose a date greater than or equal to the Conversion Date.
  • Add New Line Item: Enter a separate line item for each account that you are converting from your previous accounting system; you can add as many line items as you wish.  
  • Account: Enter the account against which the value should be recorded. Use the drop down arrow to search available accounts or click in the field and enter free text to find matching values. If you cannot find an appropriate account, check your settings for the Chart of Accounts and create a new account if required. If you are unsure of any amounts or accounts, then you can post the item to the Conversion Suspense (account code 3200). This should only be seen as a temporary account and the value should be appropriately reposted before you finalise your year-end reporting.
  • Description: Optionally enter a description for each line item.
  • Debit / Credit: Enter a debit or credit for each line item. Consult your accountant if you are unsure as to the usage of debits and credits.
  • Memo: Optionally enter any relevant text.

 

Once you have entered a Conversion Balance for each of your existing accounts, make sure that the total Debits equal the total Credits and then click the Save button.

Any Conversion Balances entered as above will be immediately reflected in the Conversion Balance: Debit and Conversion Balance: Credit columns in the Chart of Accounts.

 

NOTE

If you have added in conversion balances for the Accounts Receivable and Accounts Payable accounts, you should consider adding the transactions which make up these balances. This will ensure that the Aged Receivables and Aged Payables reports correctly reflect the ageing on all outstanding invoices and credit notes.