A trial balance can be automatically imported from most other accounting systems via a spreadsheet or CSV file by choosing the Edit>Import Trial Balance command. This can be used to enter a full set of opening balances from another system, including bank, customer and supplier balances.
1.Select Edit>Import Trial Balance. This opens the Import Trial Balance dialog:
2.In Date, enter the date; this should be the last day of the financial year covered by the previous system.
3.In Import via, choose the import method. If you are copying the trial balance directly from a spreadsheet, select Clipboard. If your trial balance is in a CSV file, select CSV file and Browse to choose your CSV file. You can also import from a text file.
4.In Data format, select the format corresponding to the trial balance you are importing. Selecting More info about this format displays the format. The format used by most accounts packages is the Trial Balance format, which is:
•Column A: Account code / name
•Column B: Account description (optional)
•Column C: Debit amount
•Column D: Credit amount
|Screenshot of a Trial Balance from another accounts package in the Trial Balance format|
5.If the trial balance is from Sage, select Sage to VTT+ in the Incoming account to VTT+ account conversion table.
|If the trial balance is from a different accounting package, select Custom names in the Incoming account to VTT+ account conversion table.|
6.You can then assign accounts from the incoming trial balance to the appropriate VTT+ accounts. Select TB Converter, then select an account from the incoming trial balance on the left and select the most appropriate VTT+ account on the right. Once complete, click OK
|Screenshot of the Trial Balance Converter to assign the imported accounts to VTT+ accounts|
7.This needs to be done for ALL accounts in your trial balance, including the P&L accounts (the system will then automatically transfer the P&L account balances, to the P&L brought forward account on the balance sheet (i.e. retained earnings), on the first day of the current financial year).
8.Select Save or Save and Close to import the trial balance.
Checking and correcting the numbers
1.Once imported, choose the Display>Trial Balance command. This lists all the account balances in a company.
2.Click on any account name to display the entries making up the account balance.
3.To correct any entry, right mouse click on it and choose Edit Transaction from the pop-up menu.