The gentleman in charge of setting up all of the GL accounts at work and I were chatting about a conversion and he commented to me “I don’t know what all of these settings do. I just follow the instructions that you guys gave me.” It dawned on me that many people do not know what all of the settings on an account do, but making mistakes here can cause serious trouble down the line.
It amazes me that GL conversions go so wrong so often. The recipe is straightforward and if the legacy data is good enough, there is rarely an excuse to have trouble during GL conversions. Yet, I've seen quite a few go off track. So in this series of posts, I'd like to talk about the critical points to doing them correctly.
The document splitter plays a crucial part in the derivation of profit center and consequently in the preparation of management financial statements. Now we'll take a deep dive into document splitting.