Supplier opening balances
Note: You cannot amend opening balances. If you make a mistake when entering an opening balance, you can alter it by entering another opening balance transaction to reverse the original one. For example, an opening balance credit note reverses an opening balance invoice.
Opening balances represent the financial position of your organisation on the day you start entering live transactions onto the Purchase Ledger. Whatever date you choose you are likely to have opening balances, whether your organisation is just starting up or changing from another accounting system.
You can use batch processing to enter your opening balances.
When you enter an opening balance the system assigns the transaction as type OP.
Note: Opening balances do not affect turnover values. Purchase Ledger opening balances do not post any values to your Nominal Ledger or the VAT Return. Enter Nominal Ledger opening balances through the Nominal Ledger.
You must have:
- Created the supplier account.
- Ensured the account is not on hold.
To add an opening balance invoice or credit
Open: Purchase Ledger > Enter Transactions > Opening Balance Invoice.
Open: Purchase Ledger > Enter Transactions > Opening Balance Credit.
- Select the supplier account you want to add an opening balance to.
- Enter the invoice or credit note details, amending the default date if required.
- Enter the transaction details.
- Specify the opening balance by adding the total value of the goods including VAT and exclude any settlement discount.
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For a foreign supplier account, enter the value of the goods in the supplier's currency. Change the default exchange rate if required.
Note: This only affects the rate on the opening balance transaction and does not update the foreign currency exchange rates.
- Change the purchase settlement terms, if required.
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Click Save to save the information and clear the account information from the screen.
Click Save and Retain Code to save the information and keep the selected supplier account information on-screen.