How to populate your new software with Logos historical data using reports
There are two reasons it is extremely difficult to convert Logos Accounting to a new accounting application.
- The first is the unique way Logos processes Fund Accounting using funds instead of net assets, which most software uses.
- The second is the fact that Logos allows you to change your chart each year while keeping prior year's chart intact. In effect, each year in Logos is really it's own data set, so a conversion would require one data set for each converted year.
This article will describe how to start with a fresh slate in a new system using Logos Reports as a data entry source. This article assumes you have already loaded your Chart of Accounts into your new software platform.
If your balance sheet is out of balance, you must address this issue before beginning the following process. See Balance Sheet: Out of Balance
Step 1: Review your Chart of Accounts to determine which accounts are still viable. This must be done very carefully because if you eliminate an account, you must merge the data into a different account which you plan to keep.
Step 2: Determine for how many years back you want to record historical data. For example, you may plan to record data starting from 2017. This first year will be called Year Y in the instructions below.
Step 3: Determine the level of historical detail you want to enter into the new software for reporting purposes. Often, it may look something like this:
- 1 year prior: quarterly or monthly values
- Current year: detail values (for mid-year conversions)
For those years where you plan to record quarterly data, you will run summary reports for fiscal periods 1-3, 4-6, 7-9, and 10-12. For those years where you want to record monthly data, you will run one summary report for each period. For those years where you want to record daily detail, you will run a detail report for the whole year.
Step 4 - Enter beginning balances: In Logos, set the active date to the first period in Year Y and run a Trial Balance Summary according to the level of detail you determined above Quarterly, Monthly; or run Trial Balance Detail for daily detail.
For example, if you decide to record data in your new software starting in 2017 and you are going to record quarterly detail, to get the beginning balance numbers and the first quarter summary numbers, run the Trial Balance Summary for periods 1 - 3 of 2017.
Enter Beginning Balances - Use the Begin Balance column to populate the beginning balances for each account in your new software. (see the column highlighted in yellow in the image below)
Step 5: Enter summary debits/credits for each account based on the detail level you determined - In one large journal entry dated for the last date of the first quarter, 03/31/2017, enter the account and its associated dollar value in the debit/credit column accordingly. For many accounts, this would require two entries per account. All accounts must be in this one journal entry as this is the only way the entry will balance. If you are merging any accounts, you must record the merged balance in the account you are keeping.
Another option may be to only record one entry per account using the difference between the debits and credits and recording it in the column with the highest value. So for account 1001-000-000 (shown in the image above), 3,325.15 would be recorded as a credit since the credit column has a higher value than the debit column. A third option may be to export this trial balance and import it into your new software platform. This only works if you do not plan to change your GL Account numbers, if your GL Account numbers have never changed throughout the years, and if the software to which you are going offers this option.
Step 5 continued: The next step is to run the Trial Balance summary for the next appropriate timeframe. In the case of our example, the Trial Balance Summary would be run for periods 4 - 6. This time, the beginning balance column may be ignored since beginning balances are only recorded once. Only the Debits and Credits will need to be recorded. Use the same technique you used to record the balances for the first quarter debits and credits.
Continue with this process until you have recorded all the data in the detail you choose until you get to the present date.