Opening Balances for Customers and/or Suppliers

Customer Opening Balances

Setting up Customers for opening balances is done from the Customers element of the opening balances panel.

Control - Opening Balances - Customers - click red + symbol then Cus icon to Add Customer

The Customer Maintenance Screen is presented. The screen consists of three tabs.

More information on the screen is available from Customer Details

Click SUBMIT when complete the screen redraws to list the customer. An Action Menu adjacent to the Customer name has an Opening Balance Items command for a screen to enter opening documents.

To enter opening documents obtain data from your existing accounting system or your advisor. The data needed for EACH Invoice or Credit Note raised but not yet paid by your customer:is as follows: -

If Non VAT Registered or Registered for VAT using the Standard Scheme

Invoice or Credit Note Reference
Gross value of Invoice/Credit Note
Date the document was raised

If Registered for VAT using the Cash Accounting Scheme

Invoice or Credit Note Reference
Net value of Invoice/Credit Note
VAT element of the document
Date the document was raised

If you are entering opening balances for month one of the new financial year we recommend that opening balances are dated the last day of the previous financial year or the actual invoice date. If you use the actual invoice date, the debtor ageing reports will be correct. If you are entering opening balances mid-way through a year, we recommend that you use either the actual invoice date or the last day of the previous accounting period. For example, if the financial year started January 2018, but the first processing month on the system was August 2018, then either use the original invoice date (and maintain correct debtor ageing reports) or 31st July 2018.

Click ADD ITEM to allow data to be entered and from the Document Type dropdown select either an Invoice or Credit Note.

See Customer Opening Balance Documents for more help.

When all invoices and credit notes have been recorded check that each customers balance equals the amount shown in the trial balance, make adjustments if necessary.

Note: - It is also possible to load basic customer information as well as opening balance information using a CSV type file in an upload process. Full details are available in the Customer and Supplier Upload Process user guides.

Repeat for all your Customers or if you prefer just those for which there are balances in the opening trial balance and add others later.

It is possible to amend a customer opening balance using the route described above provided that no receipt or credit note consumption has been allocated against the opening balance item. Likewise if a year-end closure has taken place the opening balances cannot be amended. A warning message will display if a change is attempted.

Supplier Opening Balances

Opening balances are set up in a very similar manner to Customer opening balances described above.

The Information needed will include the name and details of suppliers, plus details of the bills and credit notes that are outstanding; i.e. that make up the balance of the trade creditors Before opening balances can be entered details of each supplier for which there is an opening balance must be entered.

To enter opening documents obtain data from your existing accounting system or your advisor. The data needed for EACH Bill or Credit Note raised but not yet paid by your customer:is as follows: -

If Non VAT Registered or Registered for VAT using the Standard Scheme

Bill or Credit Note Reference
Gross value of Bill/Credit Note
Date the document was raised

If Registered for VAT using the Cash Accounting Scheme

Bill or Credit Note Reference
Net value of Bill/Credit Note
VAT element of the document
Date the document was raised