Funds Balances

The screen allows defining of Funds and the setting of Opening Balances. The opening balance date shown in the title is the day prior the Liberty Accounts start date as specified in the organisation profile on setting up the organisation.

The screen allows users to:

Add and define Funds
Click on the red + symbol to enter a new Fund.
Enter Fund opening balances
The opening balances are entered on the Income & Expenditure (Accruals) basis and if reporting on the Receipts & Payments (cash) basis a Receipts & Payments opening balance (see note below)

An opening balance for each fund displayed must be entered to ensure that the SoFA is accurate. The opening balances that you input must represent the financial position of your organisation on the day you start entering live transactions.

The display is impacted by the SoFA reporting selection made when organisation was set up. (The user can inspect this by navigating to the Organisation Profile)

Control - Organisation Profile - Accounting Options tab

If the Income & Expenditure basis is chosen only I&E Opening Balances are entered.

If Receipts & Payments is selected then both I&E and R&P Opening balances are entered and a R&P balance start date.

R&P Balance Brought In

Enter the date to which the R&P opening balance amounts are related. This date may or may not be the same date as the Organisation overall opening balance date.

Opening Balance

Enter the opening balance figure. When all Funds have been populated with opening balances the value in Discrepancy should be zero.

Click on the SUBMIT button to store the details entered as part of the opening balance process. In accounting terms the other side of the accounting entry is posted to "Suspense".

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