How to Setup GL Beginning Balances

Use this article to set up general ledger (GL) beginning balances for a new association in Vantaca. Beginning balances establish the opening financial position of an association and are required before the association can be used for ongoing accounting. You can enter beginning balances manually using the GL Entry screen or by importing them using the GL Entry import template. Both methods require a GL Date, which controls where the entry appears on your financials.

Note: The GL Entry import was formerly called the GL Beginning Balance import. It can also be used for regular GL entries when needed.

Contents

• Before You Begin
• Manual Entry
• Importing Beginning Balances
  • Import Fields: Excel Template
  • How to Import

Before You Begin

Before entering beginning balances, confirm that the following are already set up in Vantaca:

• Association: Verify the association exists by navigating to Association > Association List and searching for the association.
• GL Accounts: Verify that all GL accounts needed for the beginning balance entries are established and active by navigating to Association > GL Accounts.

Note: Only active GL accounts appear in the GL Entry search. If an account you need is missing, activate it under Association > GL Accounts before proceeding.

Manual Entry

To manually enter GL beginning balances for an association:

1. Navigate to Accounting > GL Entry. 
   Note: Do not select the Recurring GL Entry screen.
2. Click New GL Entry. 
   The GL Entry screen opens.
   
   
    
3. Provide the following  information:
   • GL Date: The posting date this entry will appear on your financials.
   • Fund: Select the fund for this entry. Defaults to Operating.
   • Reserve Summary: If using the Reserve Summary Report, select the column this entry should appear under.
   • Entry For: Select where this entry appears in the Vantaca tables. Always select Both Cash and Accrual.
   • Description: Enter a description that displays on financials and on the Accounting > GL Entry screen.
   • (Optional) Add an attachment if needed.
4. Complete the individual line items (click in the row to type/select in the field). Use the +New Detail button only if your entries exceed the number of lines that appear by default. For each line item, enter the following:
   • GL Account: Select the GL account for this line item. You can search by account number or description.
     Note: Only active GLs appear in this dropdown. If you do not see a GL Account you want to use, you will need to make it active for this Association under Association > GL Accounts. 
   • Line Description: Enter a custom description for this line item.
   • Fund: Select a fund if this line item belongs to a different fund than the default. Leave blank to use the default fund selected above.
   • Reserve Summary: Select a Reserve Summary column if this line item differs from the default. Leave blank to use the default selection above.
   • Debit/Credit: Enter the amount for this line item as a positive number.
5. Confirm that debits and credits match, then click Update to create the GL entry.

Importing Beginning Balances

Use the GL Entry import to enter beginning balances in bulk. The import requires two sets of information: fields you configure on the Import screen in Vantaca, and fields you complete in the Excel template before uploading.

When you set up the GL Entry import on the Settings > Import screen, you must select a Posted Date. This Posted Date is used as the GL Date for all lines in the imported journal entry and controls where the entry appears on your financials. The Excel template does not include a date column, the date is taken entirely from the Posted Date you select on the Import screen.

Import Fields: Excel Template

Complete the following fields in the Excel template before importing:

• GLAccount (required): The GL account to be used for this line item.
• LineDescription (required): The line description for this individual line item.
• Balance (required): The balance for this line item.

  • Debit items will be added as positive.

  • Credit items will be added as negative.

• Fund (optional): Use if an individual line item needs to belong to a different fund. Defaults to the fund selected on the Import screen if left blank.

• OldGLAccount (optional): If your previous software used a different chart of accounts, enter the prior GL account number here to link it to the current account.

  

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How to Import

To import GL beginning balances:

1. Download and complete the GL Entry import template. See the template attached at the bottom of this article.
2. Navigate to Settings > Import.
3. Click the Imports tab, then click New Import.
   
   
    
4. Configure the following fields:
   
   
    
   • Import Type: Select GL Entry. Additional fields display.
   • Posted Date (required): Select the date you want the beginning balances to post as the GL Date on your financials.
   • Import File: Click Select files and upload your completed template.
5. Review the line items displayed on the screen to confirm accuracy.
6. Click Save to commit the import. 
   When committing the import, confirm that the Posted Date matches the beginning balance date you want to appear on your financials.

Note: Vantaca generates charges only when there is a matching active GL account for the association indicated in the import. If a line item does not import, verify that the GL account is active under Association > GL Accounts.

For more information about imports, see the "Import Templates" article and the Imports section of the Vantaca Library.

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