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Trial Balance Import from Collective Accounting to Go To Thumb

Table of Contents

Overview

This guide provides detailed steps for importing a trial balance from Collective Accounting into the Go To Thumb platform. It ensures a smooth transition of accounting data for comprehensive financial analysis and reporting.

Objective

The main goal is to accurately import and reconcile trial balance data from Collective Accounting into Go To Thumb, ensuring data integrity and readiness for further financial processing.

Platforms Involved

  • Collective Accounting
  • Go To Thumb

Scope

This guide is applicable to accountants and financial analysts responsible for handling trial balance data between the two specified platforms.
No additional documents or resources are referenced for this guide.

Use Case

This procedure is utilized when transferring financial data from the Collective Accounting system to Go To Thumb for further analysis, reconciliation, or reporting purposes.

Workflow

Step 1: Log into Relevant Platforms

  • Log into Go To Thumb and Collective Accounting.
  • Ensure multi-factor authentication is completed for Go To Thumb.
Log into Go To Thumb

Step 2: Access the Accounting Dashboard

  • Navigate to the "Returns" section within Collective Accounting.
  • Proceed to the "Bookkeeping" and "Accounting Dashboard" sections.
Go to Bookkeeping and Accounting Dashboard

Step 3: Reconcile Accounts

  • In the "Reconcile" section, address any open accounts by adding a closing for the earliest year available.
Reconcile Accounts

Step 4: Download Trial Balance and TRC Template

  • Download the trial balance for the last year in XLF format.
  • Ensure to also download the latest TRC template for consistency.
Download Trial Balance

Step 5: Prepare the Trial Balance

  • Open the downloaded trial balance and TRC template.
  • Remove any unnecessary zero balances and headers.
  • Adjust the format to align with the template requirements, ensuring revenue and equity are correctly marked as negative or positive.
Prepare the Trial Balance

Step 6: Import Trial Balance to Go To Thumb

  • Use the "Import" function in Go To Thumb to upload the prepared trial balance.
  • Confirm that all data fields are accurately mapped and complete the import process.
Import Trial Balance

Exhibits / Appendices / Forms / Supporting Documents/Resources

No additional materials are included in this guide.

Change Control Log

No revisions have been documented for this guide as of its current publication.