Tips/Tricks to roll accounting system?

by a searcher

3 years ago

I am working towards a close and wanted to see how operators have rolled the accounting records in an asset purchase? Currently, the company uses quick books and I am likely also going to end up using QB.

On Day 1 post-close, do you continue to book entries in the old system and then migrate to the new accounting system in the future? Book in parallel in both systems for a period of time? Basically, what's the best way to ensure continuity but also not be bogged down by previous operator accounting processes?

Any tips/tricks for tactical issues like these would be highly appreciated.

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12 comments

searcher from Arizona State University

I have a transaction by account report from the seller. This was obtained during fin due diligence. Will I be able to build out my fresh new quickbooks from that?

Also, is there anything unique about doing quickbooks for a construction general contractor company?

1 year ago | like reply | 0 likes

professional from University of South Florida

Day 1 post-close, you're likely going to have to continue business as usual in the old system and manual consolidate for a period of time. You'll first figure out the purchase accounting, etc. (i.e., goodwill, equity roll, and whatnot). Then you'll map your chart of accounts to make them consistent and determine a "go-live" date into your existing system (as a separate entity or included with an existing business). It is sometimes helpful to run parallel for a while after go-live (a month or two) to work out any kinks, but not always necessary.

3 years ago | like reply | 0 likes

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