Accounting software opening balances should be reconciled to the agreed closing position in the old system before the new system is used for routine posting. Keep a dated migration pack and test the supporting schedules, not just the trial balance total. A balanced trial balance can still contain the wrong customer balances, duplicated bank entries or incomplete tax records.

Accounting records, calculator and glasses on a desk
Illustrative photograph by Cht Gsml.

Agree the cutover point

Choose the last date recorded in the old system and the first date entered in the new one. Assign who can post during the transition and how late invoices will be handled. Avoid a period in which both teams enter the same transactions independently. Record the approved cutover decision in the migration pack.

Reconcile the control totals

  • Trial balance by account and currency.
  • Customer and supplier open items.
  • Bank balances and outstanding reconciliation items.
  • Fixed assets and accumulated depreciation schedules.
  • Loans, deposits, accruals and relevant tax balances.

Have the accountant investigate differences before the opening position is approved. Do not use an unexplained suspense amount merely to make the import balance.

Check detail behind the numbers

A receivables total of S$20,000 can agree in both systems while the balances belong to different customers. Compare invoice-level listings and ageing, then test a later receipt against an imported invoice. Perform the equivalent check for supplier payments. Confirm that document references remain usable so the team can trace a balance back to its source.

Preserve the old records

IRAS says there is no specific requirement to migrate all historical transactions into new accounting software, but the underlying records still need to be retained and accessible. Export readable ledgers, schedules and source documents before cancelling access. Test a sample from the archive rather than assuming a large backup file is usable.

Run a controlled first month

Review the first bank reconciliation, customer statement and supplier payment run in the new system. Check that bank feeds do not import pre-cutover transactions a second time. Keep a log of migration adjustments, their approval and which system contains the final record. Close access to the old system in a controlled way after the retention arrangements are verified.

Know when the migration is complete

The completion pack should show reconciled totals, tested detail, approved adjustments and a retrievable archive. Product selection is a different decision, covered in choosing accounting software. Also see bookkeeping versus accounting and records the company should keep.

Official guidance: IRAS record retention when changing software.

Help with your company records

For accounting and bookkeeping support, contact Raffles Corporate Services at [email protected] or WhatsApp +65 8501 7133. Tell us which records or transactions need attention so we can discuss the relevant next steps.