When setting up Beginning Balances for a new Association, there are two main ways to do it: 

Manual Entry

Importing

In this article, we'll explore both options, as well as provide an Excel template for when importing. (Found at the bottom of this article)

Manual Entry

Confirm that the new Association has already been created by navigating to the Association > Association List screen. Search for and select the Association.

Next, confirm that the GL Accounts for which you want to create beginning balance entries are already established by visiting the Association > GL Accounts screen.  

Once these are established, to set up beginning balance entries, head to the Accounting > GL Entry screen.  Note:  do not choose the Recurring GL Entry screen.

From here, click on the New GL Entry button to open the GL Entry screen.

In the GL Entry pop up box, you can add an attachment if needed. The section at the top of the window populates the default fields for this GL Entry. Enter the following information: 

GL Date: The date this entry will appear on your financials

Fund: If using Fund Accounting, which Fund will this entry appear on? (Defaults to Operating)

Reserve Summary: If using the Reserve Summary Report, which column should this entry appear under?

Entry For: Where does this appear on in the internal Vantaca tables? Always use "Both Cash and Accrual".

Description: This displays on Financials and the Accounting > GL Entry screen when researching this Entry. 

Then complete the entries for individual line items. The +New Detail button is only necessary if your entries exceed the number of lines that populate by default. For your individual line items:

GL Account: Hard select (click) the GL Account for this item. You can search using either the Account Number or Description. 

Note: Only active GLs will appear in this search. 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: Adds a custom Description for that Line Item. 

Fund: Allows setting the fund for an individual Line Item. Leaving this blank will use the Default Fund selected above. 

Reserve Summary: Allows setting the Reserve Summary column for an individual Line Item. Leaving this blank will use the Default Reserve Summary Column selected above. 

Debit/Credit: The amount of the Debit or Credit for this line item. This number is always positive.

Once your Debits and Credits match, you can click Update to create the GL Entry.

Importing Beginning Balances

In order to import a journal entry into Vantaca what you will need to do is use the GL Entry import (formerly the GL Beginning Balance import). 

Note: This import could also be used as a regular GL Entry import when needed. 

•  Fill out the required fields within the import. These are:
  • GLAccount: The GL Account to be used.
  • LineDescription: The Line Description of the individual line item. 
  • Balance: The balance of the Credit or Debit for the line item
    • Debit items will be added as positive
    • Credit items will be added as negative
  • Fund: If an individual line items needs to be part of a different fund
  • OldGLAccount: If your prior software used a different Chart of Accounts, this can link the GL Account number from your prior software

Once you finish your journal entry you can use the Settings > Import screen to upload the import.