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How do I add opening balances for the start date?- Before you start, make sure that you have the opening trial balance to hand. Your accountant will be able to provide you with this once he has done the year end accounts for the previous year.
- Go to Add Journal in My Journals.
- Enter the Start Date, and the description “Opening Balances”.
- Click on Add category, and select the first category.
- Enter the amount in the Net box, and zero in the VAT box.
- Continue to add categories and enter amounts until the entire trial balance is on the system.
- The sum total of all the entries must be £zero.
- Note: Where you need to, you will have already set up opening balances for bank accounts, debtors, creditors and petty cash elsewhere on the system. So for these categories only, you need to do things slightly differently:
- Click on “Add category” as normal.
- Where you would have selected the category “bank account”, “petty cash”, "creditors" or “debtors”, select the category “suspense account”.
- Enter the amount.
If you have any problems with what is a technical area, please contact us, and we will help you put the right numbers in the right place. The great thing is you only need to do it once!
- Before you start, make sure that you have the opening trial balance to hand. Your accountant will be able to provide you with this once he has done the year end accounts for the previous year.
- Go to Add Journal in My Journals.
- Enter the Start Date, and the description “Opening Balances”.
- Click on Add category, and select the first category.
- Enter the amount in the Net box, and zero in the VAT box.
- Continue to add categories and enter amounts until the entire trial balance is on the system.
- The sum total of all the entries must be £zero.
- Note: Where you need to, you will have already set up opening balances for bank accounts, debtors, creditors and petty cash elsewhere on the system. So for these categories only, you need to do things slightly differently:
- Click on “Add category” as normal.
- Where you would have selected the category “bank account”, “petty cash”, "creditors" or “debtors”, select the category “suspense account”.
- Enter the amount.
