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Migrating to SlickPie

If you are a business with bookkeeping in another system, you have to take care of 3 things to successfully transfer the existing accounting records to SlickPie:

 

  1. Setting up Company Account
  2. Setting up Business Status
  3. Creating an Opening Balance

 

Please note The steps mentioned in this article is a quick setup. To get a detailed description of how to set up a company account in SlickPie, please visit Setting up a New Account.

 

 

Setting up Company Account
Before starting bookkeeping in SlickPie, you need to enter the following information in SlickPie:

  1. Company Setup: This includes entering details to Company Information and Financial Settings.
  2. Add Accounts: This will include adding Bank Accounts, Chart of Accounts and Taxes.
  3. Add Contacts: This will include adding your Customers, Vendors, and Employees (if any).
  4. Add Inventory: This will include the products/ services you buy and sell.

 

Step 1: Company Setup

 

  • Company Setup - Includes the basic information about your company.

 

  • Financial Settings - Also known as Fiscal Year, is a 12 month period for which the books are maintained and the financial statements are prepared. It may or may not be the same as the calendar year, so it's important to confirm the Financial Year with your accountant/ bookkeeper before setting it.

 

 

 

Please Note Following fields cannot be edited or deleted once saved:

  • Country
  • Financial Year

 

 

Step 2: Add Accounts

  • Bank Accounts - List all the bank accounts used for business transactions.
  • Tax Setup- It is the percentage of the value of a service/ product to be paid as tax as imposed by federal and state governments.

 

 

Please Note

  • SlickPie gives 4 System Accounts by default, Accounts Receivable (AR), Accounts Payable (AP), Sales Tax and Discount and they cannot be edited or deleted.
  • Once the COA is used, it cannot be edited or deleted.
  • Once the Tax Rate is used, it cannot be edited or deleted.

 

 

 

Step 3: Add People (Contacts)

Add all the customers and vendors you do the business with. You can either import or add the list manually.

 

 

 

 

 

 

 

Step 4: Add Inventory

Add all the products or services you purchase or sell manually or import the list.

 

 

 

 

To get a detailed description of how to set up a company account in SlickPie, please visit Setting up a New Account.

 

 

Setting up Business Status
You need to get the current status of your business and following reports are required to move existing data into SlickPie:

 

  • Trial Balance - It is a report run at the end of an accounting period showing the ending balance in each account.
  • Balance Sheet - It is a report that summarizes your company's assets, liabilities and equity at a given point of time.
  • General Ledger - It is a report that summarizes all the transactions occurring within your company.
  • Unpaid Transactions - It is a complete list of all the unpaid transactions.

 

 

 

Creating an Opening Balance
Once you have set up your account with all the information as mentioned above, you are ready to set up an Opening Balance. To set up an Opening Balance, simply follow the 3 Steps below.

 

Please note This article is a general help about how to set up an Opening Balance. We do recommend you to consult your accountant or bookkeeper before entering any numbers.

 

 

STEP 1: Go to Company.

 

 

 

STEP 2: Select Opening Balance.

 

 

 

STEP 3: Enter the Reference text as it should be visible for Opening Balance.

Please note You can select Default Reference right in the beginning or later on to use the same reference for all the entries. Checking this box will automatically fill in the description fields with the reference text used with the option to override it.

 

 

 

Step 4: Select the date for Opening Balance. It is set to current date by default but it can be changed.

 

 

 

Step 5: Start entering the balance from the Trial Balance/ General Ledger report for the respective Chart of Accounts as Debit or Credit.

 

Please note most banks allow downloading the transactions (Bank Feeds) for previous 1-3 months only. To get the accurate account balance, you need to enter a correct closing balance of your bank account as an Opening Balance in SlickPie.

 

 

 

 

For instance, data can be entered as:

OR

 

Please note For Accounts Payable and Accounts Receivable you have to select a contact name. If it's a new contact not added to the system yet, you can add it by clicking Add New in drop down.

 

 

Once the data is entered it will show up like:

 

 

 

 

Please note If Accounts Payable is unpaid for multiple vendors or Accounts Receivable is unpaid from multiple customers, you can add unpaid balances for multiple contacts individually. Select the Accounts Payable or Accounts Receivable in Account field and then Vendor/ Customer name in the Contact field.

 

 

 

 

Step 6: Once the entries are made, you can click Draft to review the entries before finalizing it or click Post to finalize it.

 

 

 

Please note

  • For Retained Earnings as yet, you can add the balance of Retained Earnings under Owner’s Equity which is under Liability or you can add a new account named Retained Earnings under Equity.
  • For Accounts Payable (AP) and Accounts Receivable (AR), you can enter the details of the balance corresponding to the Customers/ Vendors from AP/AR Reports.

 

 

 

 

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