Customer 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 transaction. 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 Sales 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 also 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. Sales Ledger opening balances do not post any values to the Nominal Ledger or the VAT Return. Enter Nominal Ledger opening balances through the Nominal Ledger.
You must have:
- Created the customer account.
- Ensured the account is not on hold.
To enter a sales opening balance
Open: Sales Ledger > Enter Transactions > Opening Balance Invoice.
Open: Sales Ledger > Enter Transactions > Opening Balance Credit Note.
- Select the customer 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 customer account, enter the value of the goods in the customer'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 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 customer account information on-screen.