Opening Balances
The opening balance control panel enables a user to enter opening balance information easily, as and when it becomes available.
Control - Opening Balances
Note that opening balances functions will not be available once a year end close process has been performed.
The control panel is laid out in elements to allow the user to deal with each balance sheet section. For each section, when it is complete, the other side of the accounting entry is into the suspense account. When all sections are successfully completed the suspense account balance should be zero.
- ADD BRANCHES
- Allows the user to add Branch details where the feature is activated
- FUND BALANCES (Not for Profit entities only)
- Allows the user to define Funds and opening balances associated with each fund. Balances must be entered on an Income & Expenditure basis and additionally on an Receipts and Payments basis if that is how the organisation reports. The system displays a reconciliation to the balance sheet fund balances entered.
- ADD ACTIVITIES
- Allows the user to add Activity details where the feature is activated
- ADD ACCOUNTS
- Accesses the Add Custom Account process, typically bank and credit card accounts are set up and other accounts as necessary. Note opening balances for the accounts are entered in appropriate sections below
- BANK/CREDIT CARDS
- Enter the opening balances for any bank, petty cash or credit card account in the list. From the Action Menu select Uncleared Items
- CUSTOMERS
- Details of customers and any opening balances are entered. Customers may be added and from the Action Menu open documents (Sales Invoices and Credit Notes) are entered
- SUPPLIERS
- Details of suppliers and any opening balances are entered. Suppliers may be added and from the Action Menu open documents (Bills and Credit Notes) are entered
- ADD FIXED ASSETS
- Add fixed assets that form part of the opening balance sheet. Assets, their cost and cumulative depreciation are all entered
- ASSET BALANCES
- For all other balance sheet asset accounts in the chart of accounts; allows the user to enter the opening balances
- LIABILITY BALANCES
- For all other balance sheet liability accounts in the chart of accounts; allows the user to enter the opening balances. This includes Equity or Capital as appropriate
- INCOME BALANCES
- Where a user is entering opening balances mid-way through an accounting period; for those Income accounts in the chart of accounts opening balances may be entered
- EXPENSE BALANCES
- Where a user is entering opening balances mid-way through an accounting period; for those Expense accounts in the chart of accounts opening balances may be entered
- I & E FUND BALANCES (Not for Profit entities only)
- Opening balances associated with each fund on an Income & Expenditure basis are entered. Balances must be entered even if you report on an Receipts and Payments basis. The system displays a reconciliation to the balance sheet fund balance entered as a Liability above.
- R & P FUND BALANCES (Not for Profit entities only)R & P FUND BALANCES (Not for Profit entities only)
- Opening balances associated with each fund on an Receipts and Payments basis are entered.