Importing the opening balances in ParagonERP refers to importing the monetary amounts that are being rolled over into a new accounting period for any one of your GL chart of accounts. You would want to import any outstanding balances from your previous accounting system (or from a previous year) so that you start on the right foot with the proper financial figures.
In this article, we'll show you how to import your general ledger opening balances for the beginning of your fiscal year.
The first thing you're going to want to do is fill in the GL chart of accounts excel template that you've exported from ParagonERP.
ParagonERP comes with a standard chart of accounts, but you can override the default accounts by importing your own.
After exporting your GL Chart of accounts from Paragon, you'll see a template similar to the following:
You can fill in this template by replacing the default accounts with your own. To do so, keep the column headers, and remove the values in the columns. We recommend doing this column by column.
You can start by removing the values in the first column. In this column, you'll enter the title of your account.
The second column tells the system what parent account the specific sub accounts belong to. In our export above for example, the asset account is the parent account of cash. Likewise, cash is the parent account of bank, and so on.
The category column tells the system what main type of account (assets, liabilities, or equity) the specific account belongs to. For example, although bank might be a sub account to cash, and cash might be a sub account of assets, all of these accounts; bank, cash, and assets, belong to the asset category.
This column is where you enter your account number. If you do not have any, you can create some, or use Paragon's standard numbering.
You can tell which sub accounts belong to which parent accounts by looking at the account numbers.
For example, here we know that account bank belongs to parent account cash not only by looking at the parentID column, but also by looking at the account number.
The sub account will have the same first digits as the parent account.
The only thing that needs to be in this column is the retained earnings, and net income accounts.
For the purpose of importing your opening balances, you don't need to add anything in these columns.
Make sure that all of the accounts you are importing with a balance are Active status. Make sure the first letter is capitalized, as the template is case sensitive. If you wish to import accounts, but you do not want them activated, type Inactive in the appropriate cells.
You need to fill this column in with the appropriate debit or credit amounts in the appropriate accounts.
To do so, enter the debit amounts as positive numbers, and the credit amounts as negative numbers.
This will be listed as the GL period you're importing for. Our example shows 19-12. This means that the year is 2019, and you're importing the opening balances for period 12.
Once you've entered in your accounts, filled in your GL balances, and verified that all information in the sheet is correct, go ahead and import your opening balances.
For simplicity, we've added $2,000 as a debit to accounts receivables, and $2,000 as a credit to accounts payable.
To import the balances, make your way to the settings screen. Select import from the reports & data card, and select GL chart of accounts as what you want to import. Select your file, and hit upload.
You'll notice a message in red upon importing your opening balances. This states that whatever accounts are currently in Paragon will be overridden by the accounts you are now importing.
Once you've successfully imported your opening balances, make your way to the journal entry module to review them.
You can see that the opening balances will be listed as journal entry #000001, and it will be in pending status.
Once you've made sure all the information in the opening journal entry is correct, you can go ahead and post the journal entry. To do this, hit the action button at the bottom right hand corner of the screen, and select post.
Now that you've posted your opening balance, head on over to the reports module and check out your financials.
From the more tab, make your way to the reports module.
From the financials card, select balance sheet for example.
Here, you can run the balance sheet report for the period you've just posted to.
From the filter screen, select the period and the year for which you'd like to run the report. Here we'll choose period 12, year 2019.
The output of the balance sheet will show you all accounts with the correct balances.
As more transactions get issued, your balance sheet will populate with the appropriate amounts.