If you have not already done so, you will need to carry out the setup steps outlined in Quick start before entering opening balances.
To enter an opening cash or bank balance:
1.Click on the P+R button on the main toolbar.
2.In the first column of the Payments And Receipts dialog, enter 1 (for a payment) for an overdrawn balance or 3 (for a receipt) for an in hand balance.
3.Enter the amount of the bank balance from your trial balance in the Total column. Do not enter any VAT. The transaction should be dated the last day of the financial period covered by the previous system.
4.In the Analysis ledger column, select Creditors.
| (If Creditors is not included in the chart of accounts you are using, select Other Creditors, or Liabilities) |
5.In the Analysis account column, select Opening balances contra.
| (If Opening balances contra is not included in the chart of accounts you are using, you need to create it by selecting Set Up > Accounts > All > New) |
6.Click on Save to save the transaction.
If you have a bank reconciliation from a previous system, carry out steps 1. to 6. above but in step 3, enter the bank balance from your bank statement, not the trial balance and carry out steps 1. to 6. for each outstanding item in the reconciliation, entering the payment/receipt amount for step 3. The reconciling items can be dated on or before the last day of the financial year period covered by the previous system.
