Purpose
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Opening balance instructions for stock, debtors, creditors and general ledger balances to prepare for going live in the system.
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Activities
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Click on a Overview icon (eg.  ) to open the Overviews and Coaching .
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Advanced User Information
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Once the date for “Going Live” has been determined, you will need to consider and plan to have the following items ready, either on the day or between closing the old system and starting the new system:
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“Must Have” to do Bank Reconciliations when LIVE:
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Obtain bank statement for the day, prior to Going Live. Reconcile unpresented cheques and deposits to give you a reconciled bank balance
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“Must Do” to Sell Stock when LIVE
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Stocktake all stock using stocktake sheets (print list of stock, if required, to use for the count). Stocktake must be carried out between closing old system and commencing Live transactions in the new system.
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Create Opening Stock Creditor in the Creditor System.
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Enter Opening Stock through Operations >> Inventory >> Transactions >> Opening Stock.
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Print Value of Stock on Hand Report
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“Must Do” to Bank Receipts from Customers
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List of Outstanding Debtors from old system, as at the close of business
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Ensure all Customers that have Outstanding Debtors have been created.
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Create AR Clearing Non-Stock Code as a “Control” Non-Stock Code (see “How To” for creating Non-Stock).
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Enter balances for each Customer, using AR Opening Entry Utilities on the Admin Utilities menu, and using the AR Clearing Non-Stock Code, where required
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Go to the Accounting >> Accounts Receivable >> Transactions menu to print an Update Checklist. Ensure the balance of the Checklist equals the list from the old system. Once the two lists equal, update the invoices.
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Print Aged Trial Balance Report.
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“Must Have” to Pay Creditors
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List of Outstanding Creditors from old system, as at the close of business.
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Ensure all Suppliers that have outstanding balances have been created.
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Create AP Clearing GL Account.
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Enter balances for each Supplier, using Accounts Payable Invoices – using the AP Clearing Account for the invoice lines. Create a separate invoice for each aging balance for each Supplier, i.e. balance of current, 30 days, 60 days and 90 days, if applicable.
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Print an Update Checklist. Ensure the balance of the Checklist equals the list from the old system. Once the two lists equal, update the invoices.
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Print Supplier Aged Trial Balance Report.
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A full Opening Balance Sheet will be required to reflect the Closing Balance of your old system. This can be entered as the Opening Balance prior to beginning “Live” transactions. The above four balances must be included in the Opening Balance journal. If the Closing Balance – Balance sheet is not available prior to “Going Live”, it can be entered after the “Live” date. In the interim, the following items are the Minimum Opening Balances required. When entering the full Balance Sheet, the System Suspense Account should be used to clear out items previously entered. It is recommended that you contact your accountant if you are unsure as to how to prepare the required journals.
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“Must Do” to Open Balance Sheet
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Minimum Opening Balance Sheet Journal
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Bank Account (Debit - Reconciled Bank Balance)
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Stock on Hand (Debit - Value of Stock on Hand)
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AR Clearing GL Account (Debit - Debtors Balance)
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AP Clearing GL Account (Credit - Creditors Balance)
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System Suspense (Credit - Balance of Journal)
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Previous Period – Profit & Loss Journal
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If you intend to commence “Live” transactions midway through a financial year, you may wish to enter the previous period balances for the Income and Expenses. This journal can be prepared and entered after “Going Live”. It is recommended that you check with your accountant first if you are unsure as to how to prepare this journal. This journal should be prepared in conjunction with the Opening Balance Sheet journal.
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