Migration from MYOB to Reckon questions

  • 1
  • Question
  • Updated 2 weeks ago
I am transferring my company from MYOB to Reckon on the 1/7/20 and I have got most of the migration sorted in terms of accounts and lists. The area I am still a little confused about is the transfer of equity, liability and asset lines from the existing MYOB lines in order to create balances in the created lines in Reckon Accounts.

I realise I need to use General Journal Entries but I am struggling to work out which accounts to use and which are debit and which is credit.

So for examples,

I have created Equity lines for the lines in my MYOB account, so things like Shareholders Capital, Retained Earnings etc. I realise I need to create a journal entry on 1/7/20 for these items and that I use the Opening Balance Equity to balance those, but I am not sure which is the credit and which is the debit - eg - $30,004 is the Shareholder equity, so i create a journal entry with $30,004 against Shareholder equity and $30,004 against Opening Balance Equity - which is the debit and with is the credit?

Same question with the assets & liabilities, except I have no idea what is on the other side of the journal entry, so as an example for Liabilities, I have a loan account where the directors have lent the company money for operating expenses, so there is a long term liability of $15,000, I have created a line for this in the liability accounts on Reckon, but of course the balance is $0, so I need to create a journal entry to get the $15,000 show in that line, obviously one side is “Loan from Owners” $15,000 (debit or credit?) and then I need another account to zero this against in the journal entry, what is that account line? Exactly the same question with existing assets like cars in the business.

Any help would be appreciated!
Photo of rick

rick

  • 100 Points 100 badge 2x thumb

Posted 2 weeks ago

  • 1
Photo of Felicity Bleckly

Felicity Bleckly

  • 522 Points 500 badge 2x thumb
Print out from MYOB your trial balance. Then make entries into reckon so the trial balance is the same. Do the same with P&l and balance sheet.
Photo of Kris Williams

Kris Williams

  • 11,978 Points 10k badge 2x thumb
Check the P &L and balance sheet but don’t do another journal, after the Trial Balance journal the P&L and Balance Sheet should both agree
Photo of rick

rick

  • 100 Points 100 badge 2x thumb
What is a trial balance?
I can't make entries into Reckon because it doesn't let you create opening balances.
Photo of Kris Williams

Kris Williams

  • 11,978 Points 10k badge 2x thumb
Sounds like you could do with some help from an accredited trainer, an hour or two would save you a lot of stress
Photo of rick

rick

  • 100 Points 100 badge 2x thumb
I am not stressed by it at all, just asking for some advice about migration on the community forum - which I assumed was the purpose of the forum!

If you don't know the answers to my questions there is really not a lot of point in your posting here.
Photo of Kris Williams

Kris Williams

  • 11,978 Points 10k badge 2x thumb
I gave you the answer as did a couple of others. Print out the trial balance from MYOB as at 30/6, go to Reckon - make journal entry and enter all figures on MYOB trial balance entering debits and credits as shown on Trial Balance. I do admit to not using Reckon One accounting - only Reckon desktop and Hosted, so can’t elaborate any further. That’s why I suggested a trainer who is well versed in the product you are using. Hope you get it sorted
Photo of LyndaC

LyndaC

  • 902 Points 500 badge 2x thumb
Hello Rick

In order to the journal entry required is to get the Trial Balance report from MYOB for the 30 June 2019. (reports, accounts, trial balance.  Change the date to the end of financial year)  This report gives you the year end entries in debit and credit.
When you post these figures in Reckon the journal needs to be dated 30/06/20.  You just post as they appear on the trial balance to the retained earnings or you can do the whole trial balance if you would like to have comparatives for the following year.  If you only want to add your balance sheet items only post to the retained earnings.  At this point there will be a difference, this difference would be the profit or loss incurred in that year.  This figure is also added to the retained earnings.

Thanks

Lynda


Photo of LyndaC

LyndaC

  • 902 Points 500 badge 2x thumb
Hi Rick

Use the MYOB Trial balance to show you the balance of the items you need to bring into your new Reckon account.  This will show you if they are debit or credit for the journal purpose.  At the end you journal the remainder, debit or Credit, will go to retained earnings. 
Photo of Kris Williams

Kris Williams

  • 11,846 Points 10k badge 2x thumb
As Lynda said the final line of the journal will be to retained earnings