Check opening balances after moving accounting systems

An import can finish successfully with the wrong numbers in the right columns. Before relying on the new file, check what moved, what was intentionally left behind and which records you still need to keep in the old system.

This guide checks the result of a migration. It doesn't choose software or provide a universal import method; the product's conversion process and your business structure determine the actual entries.

Agree the cut-off and preserve the closing evidence

Write down the conversion date, legal entity, currency and reporting basis. Save the old trial balance, profit and loss report, balance sheet, bank reconciliations, unpaid-invoice and supplier-bill reports, tax reconciliations and owner-account schedules.

Use closing reports from the day before the agreed conversion date. Xero's conversion-balance instructions use that previous-system trial balance and separately address unpaid invoices, bills and outstanding payments. Follow the current workflow for your migration method; don't enter balances again if a conversion service already brought them across.

Keep a readable export of historical records before cancelling access to the old service. Confirm which attachments, payroll records, inventory details and audit history were included, rather than assuming “migration complete” means everything.

Compare balances and the items behind them

The fictional matrix below shows selected balances for a 1 September conversion. It is an acceptance worksheet, not a complete trial balance or a set of journal instructions.

Area	Old closing position	New reconciled opening position	Evidence / resolution owner
Bank ledger	$10,000 asset	$10,000 asset	Bank statement $9,600 + documented $400 receipt in transit; bookkeeper confirms treatment and later clearance.
Unpaid customer invoices	$2,200 asset	$1,980 asset	INV-72 imported $220 too low; migration provider to correct and retest.
Supplier bills	$1,100 liability	$1,100 liability	Two open bills of $660 and $440; accounts reviewer checks dates and references.
GST payable	$400 liability	$0	Unexplained $400 gap; registered agent to check mapping and prior BAS reconciliation.
Amount owed to owner	$1,800 liability	$1,800 liability	Owner-account schedule and approved entries; accountant confirms nature and sign.

Invoice-level check: the old list is INV-71 $1,100 + INV-72 $660 + INV-73 $440 = $2,200. The new list used $440 for INV-72, producing $1,980. Correcting that item should restore the $220 difference.

Original ASBG sign-off matrix. No sign-off is complete while the invoice or tax difference remains unexplained. The bank row compares the final reconciled position, not a figure to type blindly into a conversion field.

For the bank, work through the new system's required treatment of opening statement balances and uncleared items. Entering a ledger balance that already includes an outstanding receipt, then importing that receipt again, can duplicate cash. The bank reconciliation guide explains how to distinguish timing items from errors.

Check signs, control accounts and tax history

Confirm whether a positive value in an import template means debit, credit, money owing or money owed. An owner loan recorded on the wrong side can materially change assets, liabilities and equity even when the import accepts it.

Compare the accounts receivable control balance with the individual unpaid invoices, including credits and part payments. Do the same for accounts payable. Don't include fully paid historical invoices among opening unpaid items, and don't recreate them as new current-period sales.

Give the registered agent the tax-account mapping and last lodged business activity statement (BAS). A GST control balance need not equal one isolated BAS label: it may contain payments, timing items or other entries. Ask for the reconciliation, not a journal that simply makes the figures look alike.

Test the first payment after conversion

Choose a real, supported payment against one migrated invoice and check that it reduces the correct opening debt without creating another sale. Check an actual supplier payment the same way. Confirm that bank feed dates don't overlap imported history.

Don't create fictional payments in the live accounts as tests. Use a sandbox for practice or review the first genuine entries. Check the Xero setup checklist for the surrounding settings and access controls.

Keep discrepancies open until they are resolved

Use a log with old amount, new amount, difference, evidence, responsible person, correction reference and retest date. Mark a row complete only when its reports and underlying items agree. A suspense or historical-adjustment account can make a trial balance add up without explaining the missing money.

The person responsible for the books should accept the migration only after unexplained differences are resolved. If work must continue during the investigation, agree a controlled process for new entries and keep the file clearly marked as not yet accepted for reporting.

Key takeaways

• Test individual invoices and bills as well as overall totals.
• Reconcile outstanding bank items without counting them twice.
• Keep tax and owner-account discrepancies with the appropriate reviewer.

Where to get help

Send the matrix and evidence to the migration provider, bookkeeper and registered agent responsible for each row. Once accepted, use the period-close guide and bookkeeping and BAS collection to maintain the file.