There are a variety of situations where you may need to import a historical trial balance for a client – preparing a tax return, creating comparative reports, and setting up new clients are just few examples. The Spreadsheet Import Wizard in Accounting CS provides a fast and easy way to perform this import.
You can import beginning balances, unadjusted balances, and budgets. Here’s how to do it:
- In your spreadsheet application, create a spreadsheet that contains columns with the historical balances that you want to import. Debit and credit columns can be separate or combined. Be sure to save and then close the spreadsheet before continuing to the Step 2.
- In Accounting CS, choose File > Import > Spreadsheet.
- On the first screen of the Spreadsheet Import Wizard, make sure that the client name is correct and that the data type is set to “Chart of Accounts.” Then, browse to the file location of the spreadsheet that you created in Step 1, select that file for import, and click Next.
- Map the columns based on the balance type (beginning balance, unadjusted balance*, etc.), historical period end date, and column type (DR/CR, debit, or credit). If a title row is included in the spreadsheet, mark the checkbox to omit that row, and then click Next.
*Even if the balances you are importing are adjusted balances, you will still map the column as unadjusted. This gives you the ability to enter adjusting journal entries as needed.
- Specify the appropriate classification code for each account, and then click Next.
- Specify the desired selection on the Import Options screen:
- Selecting Append to existing chart will add new accounts and their balances to the existing chart of accounts and update any existing accounts.
- Selecting Zero existing balances and import new balances will add new accounts and their balances to the Chart of Accounts. If the spreadsheet includes data for an existing account, the application will zero the balances for that account for the selected dates and import only the balances in the spreadsheet file. If the spreadsheet does not include data for an existing account, the application will zero the balances for that account.
- Selecting Current period balances will import the balance into the period you selected and add it to the year-to-date balance.
- Selecting Year-to-date balances will calculate the activity for the period based on prior-period balances and create a journal entry to account for the difference.
- Click Import. The application will display an import diagnostic message confirming that the balances have been successfully imported. If you notice a mistake, you can click the Back button and make any necessary corrections.
- If the import diagnostics look correct, click Finish.
When closing from year to year in Accounting CS, the program automatically takes the ending balance from the current year and updates the beginning balance of the next year to match. Any beginning balance that was previously entered in that year is overwritten. For this reason, it’s important to use caution when updating yearly balances.
More information on import options and on the spreadsheet import procedure, including examples of using current period and year-to-date balances, is available in our Help & How-To Center.