Here we explore best practices and tips on how to easily transition to using Bookkeep
When migrating to Bookkeep, there are best practices and tips that we would like to provide based on our experience helping customers like you.
For starters, you will be connecting your apps and accounting platform. These apps provide data that we post to your accounting platform as journal entries.
Initial Mapping to Accounts
When setting up your initial mapping, you need to consider whether to create new accounts (which Bookkeep is able to do using the magic wand as shown below) or use prior accounts.
A benefit of using new accounts allows you to easily see what Bookkeep has posted. Additionally, if you leverage the magic wand to create accounts, you will create our recommended accounts.
Whether you create new accounts or utilize old accounts, it is important that you have posted all financial data up to the date of transition to Bookkeep including sales and deposits. For example, if you start posting sales with Bookkeep on January 21, you should have sales through the end of January 20th already booked to ensure no data is missed.
When it comes to transitioning to Bookkeep, it is important to be aware of any previous balances in your accounts. For example, you may have booked sales prior to Bookkeep but a deposit for those sales does not occur until after starting Bookkeep. In this case, Bookkeep would post the deposit for sales that occurred prior to using Bookkeep. To ensure this is properly reconciled, it is important that these sales and deposits that occurred before using Bookkeep are recorded prior to posting entries with Bookkeep. In this case there would be an expected deposit amount that would be reconciled when that first deposit occurs with Bookkeep.
- January 20 - sales $200 and expected deposit of $200 already posted to your accounting platform
- January 21 - start using Bookkeep
- Bookkeep record sales and deposits moving ahead (depending on your app integration)
- January 22 - deposit for the $200 posted by Bookkeep
- Prior balance of $200 in expected deposits in reduced to $0 since Bookkeep posted the deposit
Tender Type Accounts
When setting up the app integrations with Bookkeep, it is possible your app may have multiple payment tender types e.g. cash, Paypal, check, etc. We find that having a separate account in your accounting platform per tender type makes it easier to reconcile your book each month.
We are here to help with your transition to Bookkeep. Each situation can be unique, but overall we recommend having your books up to date when starting with Bookkeep to ensure all sales and other financial events are posted prior to joining to ensure a seamless onboarding. If you need any help, free to contact firstname.lastname@example.org.