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G/L Account Balances Migration - P/L Accounts

Dear Experts,

I am going to migrate G/L account balances during the year, so I need to migrate balance sheet accounts and also profit and loss accounts balances. I am wondering, how to migrate balances of profit and loss accounts. I have already fill the template. Balance of Balance sheets accounts is zero.

Ihave also zero balance on P&L accounts, but the profit is allocated on the Income Summary account and account type of this account is „OCLSPL - Opening or closing - income statement“. I am not able to use this account type for migration.

So the question is, how to migrate P/L account balances, when the balance needs to be zero and I can´t use the account for Income Summary?

Can anybody explain me the he logic?

Thank you for help.

Best Regards,

Marian Plachy

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1 Answer

  • Oct 19, 2017 at 07:21 AM

    Hi Marian,

    So the rule is that in G/L Account Balances migration template: The total amount of all general ledger accounts in the template must be zero.
    As you know by now that through migration system automatically created a journal entry per balance and for journal entry posting there will be always one debit & credit posting and since your intention is to only migrate the GL account balances for this migration purpose only an offsetting entry that can used by default is SAKOMIG.
    For offsetting entries, the system automatically assigns the data carryforward account for G/L account balances 990040 (SAKOMIG) i.e., Initial data carryforward account for fixed assets.


    Not all GL accounts can be used for migration purpose.
    Restriction is placed for the below GL Account Types
    GL Account <--------------------> GL Account Type
    Retained Earnings Current Year EQUITY
    Balance Sheet Opening Account OCLSBS - Opening or closing - balance sheet
    Balance Sheet Closing Account OCLSBS - Opening or closing - balance sheet
    Income Summary Account OCLSPL - Opening or closing - income statement
    Profit Center Clearing Account (Debit) PCCLEA - Profit center or segment clearing
    Profit Center Clearing Account (Credit) PCCLEA - Profit center or segment clearing

    These accounts will be used during balance carry forward by the system automatically.
    Ideally, if you talking of GL Migration of the previous year end data,
    you will upload the migration of GL migration then to close the previous year ( 2014 ) you would run the balance carryforward run and at this time based on the migrated data & data that is already posted during regular transactions, system will determine the retained earnings, balance sheet closing accounts etc.,

    So, now when you post the balances through the migration, system will be able to determine the balances through the posting you made and then the closing/opening, profit & loss account balances will be determined automatically.

    Kindly test and let me know if you still have some issues to discuss.

    Thanks

    Lokesh Sharma

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