Beginning balances

Overview

You must complete and reconcile all transactions through your beginning balance date in your old system before you enter your beginning balances in Ajera.

You enter beginning balances to reflect your financial position at the time you will start using Ajera. This is defined by the beginning balance date you enter in > Setup > Company > Preferences. There are nine different beginning balances in Ajera.

During this phase of your implementation, before your beginning balance date, enter the beginning balances that support in-house payroll and billing:

• Payroll (unavailable in ajeraCore unless you have the Payroll add-on)
• Unpaid client invoices
• Unbilled work-in-progress (WIP)
• Client prepayments
• Projects (billed amount information only)

If you want, you can enter these beginning balances during the next phase of your implementation, after your beginning balance date:

• Trial balance
• Bank balances
• Vendor year-to-date paid amounts for 1099s
• Open vendor invoices

Entering beginning balances is a process that you do not have to complete before your beginning balance date. To complete the beginning balance process, you reconcile and then finalize your beginning balances.

If Axium converted your data from your old system to Ajera, the Axium data specialist entered your beginning balances for you. In this case, all you have to do is review the beginning balances in Ajera and verify that they are correct.