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How to enter opening balances

Created on  | Last modified on 

Summary

Opening balances represent the financial position of your business on the day you start using TASBooks. With accurate opening balances the financial statements you produce using TASBooks give a true picture of your financial position.

Resolution

Preparation

Before you can enter your opening balances into TASBooks, you must have the following:

  • List of any outstanding customer invoices and credits.
  • List of any outstanding supplier invoices and credits.
  • Trial balance from your accountant.
  • List of any uncleared bank payments and receipts.

Once you have this information you're ready to enter your opening balances.

 

Enter your customer opening balances
  1. From the menu bar, click Sales, then click Enter / Change Journals.
  • To enter an outstanding invoice, click Enter / Change Customer Invoices / Debit Journals.
  • To enter an outstanding credit note, click Enter / Change Customer Credit Notes / Credit Journals.
  1. Enter the following information:

    Date Enter the original date of the invoice or credit note.
    Type Select SL Invoice or SL Credit Note.
    Code Click the Code link and select the customer, then click Select.
    Ref No: If required, enter a reference, for example Opening balance.
    Net

    If you use a Standard VAT scheme, enter the gross amount of the invoice.

    If you use VAT Cash Accounting scheme, enter the net amount.

    VAT

    If you use the Standard VAT scheme, enter O.

    If you use VAT Cash Accounting, enter the relevant VAT rate.

  2. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the next item line in Account, enter 9999.
  3. If this is an invoice, enter the amount required to balance the journal in Credit, if this is a credit note, enter the amount in Debit.
  4. Confirm the Still to post fields are both zero.
  5. Click Save, then click Yes.
  6. Repeat the steps for all outstanding customer invoices and credits.

Enter your supplier opening balances
  1. From the menu bar, click Purchase, then click Enter / Change Journals.
  • To enter an outstanding invoice, click Enter / Change Supplier Invoices / Credit Journals.
  • To enter an outstanding credit note, click Enter / Change Supplier Credit Notes / Debit Journals.
  1. Enter the following information:

    Date Enter the original date of the invoice or credit note.
    Type Select PL Invoice or PL Credit Note.
    Code Click the Code link and select the supplier, then click Select.
    Ref No: If required, enter a reference, for example Opening balance.
    Net

    If you use a Standard VAT scheme, enter the gross amount of the invoice.

    If you use VAT Cash Accounting scheme, enter the net amount.

    VAT

    If you use the Standard VAT scheme, enter O.

    If you use VAT Cash Accounting, enter the relevant VAT rate.

  2. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the next item line in Account, enter 9999.
  3. If this is an invoice, enter the amount required to balance the journal in Credit, if this is a credit note, enter the amount in Debit.
  4. Confirm the Still to post fields are both zero.
  5. Click Save, then click Yes.
  6. Repeat the steps for all outstanding customer invoices and credits.

Enter your bank opening balances
Your bank opening balance is the closing balance from your bank statement. If you have any uncleared items that have yet to appear on your bank statement, you should enter these separately.
  1. On the menu bar, click Cash Book.
  • If your bank account has a positive balance, click Enter / Change Journals, then click Enter / Change Cash Receipts / Sales.
  • If your bank has a negative opening balance click Enter / Change Journals, then click Enter / Change Cash Payments / Purchases.
  1. Enter the following information:
    To Bank Choose the required bank account.
    Date Enter the last day of your previous accounting period.
    Type Choose Home Receipt or Home Payment.
    Slip No Enter a reference.
    Des Enter a description, for example Opening balance.
    Net Amt Enter the amount of the opening balance.
    VAT Amt As you've already accounted for the VAT, enter O.
  2. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the second item line in Account, enter 9999.
  3. If this is a receipt, enter the amount required to balance the journal in Credit, if this is a credit note, enter the amount in Debit.
  4. Confirm the Still to post fields are both zero.
  5. Click Save, then click Yes.
  6. Repeat the steps for any additional bank accounts.

Enter your nominal ledger opening balances

Nominal ledger opening balances are that don't relate to your customers, suppliers or bank accounts, for example, depreciation or rent.

  1. Click Nominal, click Enter / Change Journals, then click Enter / Change General Journals.
  2. Complete the following fields.

    Description Enter a description, for example, Opening balance.
    Date Enter the last day of your previous accounting period.
    Reference Enter an additional reference.
  3. Click the first line in the grid, then enter the first nominal account.

    TIP: To look up the nominal account, press F2.

  4. If required, enter a description, then enter the debit or credit value.
  5. On the next line, enter the account 9999 and enter the opposite value to the first entry. For example, if your first line is a credit value of 1000, enter a debit value of 1000 on this line.
  6. Repeat the steps until you've entered all of your nominal opening balances.
  7. Check the total debit and credit value is the same.
  8. Click Save, then click Yes, then click Cancel.

Check your trial balance
  1. Click Nominal, then click Reporting, then click Print Trial Balance.
  2. Choose the relevant year and enter the required starting and ending periods.
  3. Select the check box for Opening Balances.
  4. Click Print.

Check the values agree with your trial balance from your previous system and balance on account 9999 should now be zero.

Transfer your profit to the balance sheet

You only need to follow these steps if you entered opening balances in the previous financial year.

  1. Click Nominal, then click Report Generator, then click Transfer Profit to Balance Sheet.
  2. Choose 1 Yr Past, then click Transfer.
  3. Click OK, then click Cancel.

 

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