Opening Balances Process for a Not-for-Profit (Charity) Organisations
To ensure that an appropriate guide to an opening balance process select for the particular situation of you charity.
- Totally new charity organisation
- Existing charity, starting using the system from the start of a new financial reporting period
- Existing charity, starting using the system a some point in a financial reporting period
Totally new Charity organisation
No opening balances will be entered, a user will set up relevant accounts (including bank accounts), funds, activities plus details of any customers, suppliers, employees and donors.
Click on Setting up a new Charity on the system for more information.
Existing Charity, starting using the system from the start of a new financial reporting period
In this situation, a set of financial balances from the prior period will be entered on the system as opening balances. Additionally a user will set up relevant accounts (including bank accounts), funds, activities plus details of any customers, suppliers, employees and donors.
Click on Opening Balance process and set-up for an existing charity; entering data from the beginning of a new financial reporting period for more information.
Existing Charity, starting using the system a point in the middle of financial reporting period
In this situation, a set of financial balances for the start date will be entered on the system as opening balances. Additionally a user will set up relevant accounts (including bank accounts), funds, activities plus details of any customers, suppliers, employees and donors.
Click on Opening Balance process and set-up for an existing charity; entering data from a date in a financial reporting period for more information.