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Migration Tips for Agencies

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When deploying a new financial system partway through a financial year, it's crucial to migrate current year financial data to enable year-to-date reporting.

 

Additionally, migrating data from the previous financial year allows for comparison with current year results. At deployment, a clear line is drawn: pre-deployment details remain in the existing system, while post-deployment details are managed in the new system.

Answers provided by Bernadette Raffe – Chartered Accountant & Principal FMIS Migration Consultant

Understanding Data Migration
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Key Data to Migrate

  1. General Financial Data: Ensure all financial transactions are accurately transferred.

  2. Unpaid Accounts Payable (AP) and Accounts Receivable (AR): Migrate outstanding balances to maintain continuity.

  3. Fixed Asset Details: Include all relevant information about fixed assets.

Common Migration Issues

  1. Balancing Issues: Discrepancies often arise when AP, AR, and fixed asset details do not match the amounts in the Balance Sheet. For example, the AR balance might not equal the outstanding AR.

  2. Aid Funding: Agencies receiving aid must ensure these funds are correctly accounted for and not mixed with operating funds.

Preparation Tips

  1. Monthly Reconciliation: Regularly reconcile AR, AP, and fixed asset balances with GL account balances. Investigate and clear any variances.

  2. Correct Posting Practices: Ensure transactions are not posted directly to AR and AP accounts in the Balance Sheet without corresponding entries in sub ledgers.

  3. Historical Data Issues: Engage an experienced accounting professional to resolve any known discrepancies before deployment.

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