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Opening Customer Balances

Michaela Greene
  • Updated
The opening customer balances feature allows you to bring forward balances at the start of an accounting period from the end of a previous accounting period. You set up opening balances by setting up invoices and receipts which are added to the total invoice values. To use the opening balance, complete the following steps.
 

1. Log in and click the required business.

2. The Customers page appears. Click Sales > Opening Customer Balances.

3. The Opening Customer Balances page appears. Now, you will set up invoices and receipts.

 

Setting up an Invoice

1. On the Opening Customer Balances page, click Invoice.

2. The Quick Customer Invoice Opening Balance page appears. Enter the required details to set up the quick invoice and click Save

 
You can set the invoice set up date in the Date column up to 5 years from the current financial year.

3. Note the differences in the UNPAID and INVOICES DUE headings, as shown below.

 

Setting up Invoice Receipt

1. On the Opening Customer Balances page, click Receipt.

2. The Quick Customer Receipt Opening Balance page appears. Enter the required details to set up a receipt.

3. To save the receipt, click Save.

4. The Opening Customer Balances page appears. Click the 'dropdown' icon and click Allocation.

 

To set up Opening Debtor and Creditor balances, you would need to complete 3 steps:

  1. Create an Opening Balance Journal for all nominal codes, including the Debtor and Creditor Ledger nominal codes.
  2. Post the Opening Balances on the Individual Debtor and Creditor Accounts. This doubles the value in the Sales and Purchase ledger and also puts a value in the Opening Balance nominal code.
  3. Create a Journal to cancel out the original Opening Balance values from the Opening Balance Journal and offset it against the Opening Balance nominal code. This will then bring the Opening Balance nominal code back to zero and restore the correct balances in the Sales and Purchases ledger.
  4. To enter journals into Sales or Purchase Ledger Control accounts, ensure you choose 'opening balance journal' as the journal type. This method allows posting entries into control accounts within the system.

 

 

Viewing Opening Balance Record

To view the details of an opening balance record, click anywhere on the row.

 
If you sort any column other than Date, then the Date column is also sorted accordingly.