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( votes)Considering business dynamics, most companies are Migrating from Microsoft Dynamics GP to Acumatica; it is one of the cloud-based ERP solutions that offers more scalable flexibility and automation. Again, migrating between such platforms, especially the accounts setup, has to be done step by step while maintaining continuity and accuracy with the financial records.
We take you through the paramount steps guiding you in your migration process while changing from GP to Acumatica thus saving you the headache of some of these trapdoors.
Step 1: Review and Clean Your COA
Begin with reviewing the existing Chart of Accounts in Dynamics GP before migration. Remove unnecessary accounts and merge duplicate ones to simplify your financial structure in Acumatica. Flexible structures are supported by Acumatica; do not miss this chance to reorganize your account segmentation.
Critical Points to Consider
Identify any inactive and duplicate accounts.
Ensure that classifications used in account classification align with that in Acumatica.
Translate your account numbers from GP to Acumatica format.
Step 2: Set up Account Segments and Subaccounts
Acumatica offers more dynamic financial segmentation using subaccounts. If your organization uses segments in GP, determine how these will be mapped to Acumatica’s subaccounts.
Best Practices:
Define segment rules in Acumatica before data migration.
Set up subaccounts for better reporting and financial analysis.
Use Acumatica’s dimensional accounting features for more granularity.
Step 3: Set Up General Ledger (GL) Accounts
Once you’ve refined your COA, create the corresponding GL accounts in Acumatica. Further, ensure that your account types (Assets, Liabilities, Equity, Revenue, and Expenses) are correctly classified.
Steps to Follow:
Navigate to the Chart of Accounts screen in Acumatica.
Manually enter or import your GL accounts.
Assign appropriate attributes such as posting settings and account types.
Establish parent-child relationships where applicable.
Step 4: Define Financial Periods
Continuity: The fiscal period of Acumatica should be kept aligned with the already installed GP. Acumatica allows flexibility about defining a fiscal year to meet an organization’s need to define a customized period.
How-to
Align Acumatica fiscal periods with an existing GP structure
Open financial periods that will be needed at import time
Before migration, ensure that the prior period is closed correctly in the GP.
Step 5: Import Opening Balances and Historical Transactions
Establish your accounts and financial periods and import opening balances and important historical transactions for a seamless transition.
Data Import Tips
Export trial balance data from GP
Use Acumatica Import Tools to import opening balances
Verify account balances and account for differences
Import key historical transactions for reporting
Step 6: Setup Account Security and Controls
Acumatica offers robust security capabilities; an organization can manage access at multiple levels. Moreover, define the permissions and protect financial data such that no unauthorized change occurs.
Security Best Practices:
Assign the user roles and permissions based on job functions
Restrict the access to the sensitive accounts.
Enable audit trails to track the changes.
Step 7: Test and Validate the Setup
Test the setup thoroughly before it goes live for accuracy and also for compliance with your business needs.
Important Validation Steps:
Perform trial balance reconciliation.
Run sample financial reports.
Parallel Accounting to reconcile results of GP v/s Acumatica.
Feeding back for the stakeholders on differences, in case of presence.
Conclusion
Migrating from Microsoft Dynamics GP to Acumatica marks the important step involved in the processes of moving on with modernizing financial processes. Setup of account and proper mapping of data shall be done thoroughly to complete an error-free business migration process by getting the optimum benefits from what Acumatica has to provide.
Need help with migration? Contact us for professional advice from experienced Acumatica consultants to ensure smooth migration.
The post Migrating from Microsoft Dynamics GP to Acumatica: A Step-by-Step Guide to Account Setup appeared first on ERP Cloud Blog.
