starting Balance Sheet

If you have purchased the full accounting system then we have to have a beginning Balance Sheet entered into the WhirlWind Software. This will be the values on the go live date at midnight. This is done with a GL Entry. This does not have to be entered immediately on the go live date but as soon as you can produce this from your old system.

The three main entries on the balance sheet are Account Receivables, Account Payables, and Inventory. We will need a list on the go live date of all three of these by detail information. After the detailed list are entered into WhirlWind Software we will run reports on all three to get a totals for AR’s, AP’s, and Inventory. For example the detailed list of inventory will need to include every item with its cost. When we add this detailed list by cost that is the amount that needs to be in your starting Balance Sheet totals for inventory, same for AR’s and AP’s. For example if you ship a customer product a day before go live date and the customer has not paid you for this product then we will need this invoice as part of our detailed AR’s list. The value of this invoice will also be part of the beginning Balance Sheet AR’s total.  

Once you have entered the beginning Balance Sheet GL entry you will be able to print a balance sheet in WhirlWind Software on the go live date. WhirlWind will then be able to produce your balance sheets for you after that go live date at any date and time. WhirlWind Software is live posting not batch posting, therefore if you invoice a customer or any other process it immediately posts to the General Ledger.