Accounting Take-on/Opening Balances

Overview

When you move your accounting onto BOS Enterprise, you will need to transfer your closing balances from the last period on your existing Accounting Software as opening balances on BOS Enterprise.

Note the following

If the changeover coincides with your financial year-end, you only need to carry over your Balance Sheet.

With Debtors/Receivables and Creditors/Payables you have the following options.

Add one opening balance transaction (as an Invoice or a Receipt) for each Customer and Supplier - dated the last day of the previous period.
Create an opening balance transaction for each period that the Customer/Supplier has outstanding amounts. For example, if a Customer has invoices outstanding on 30 days and on 60 days, you will need to create two transactions.
Capture all the Outstanding Customer and Supplier Invoices.

Note: The opening balance transactions for Debtors and Creditors must not update VAT or a Sales/Purchases account.

How to capture Opening Balances in the Ledger

Transaction Type: General Journal: Dr. Ledger, Cr. Ledger

Create a new transaction and add all the Balance Sheet accounts to the Transaction, excluding Payables and Receivables.

If the Account is displayed as a Debit in the Trial Balance, set the Account to Debit and Vice Versa. The Transaction should be out of balance by an amount that matches the Receivables less the Payables. Check the Trial Balance Error override checkbox to remove it from Trial errors.

As an option, you could add the Payables and Receivables to the transaction to ensure it balances and then remove them. The Payables/Receivables balances will be set from the Opening Balances which are linked to Customers and Suppliers.

Tips

Ensure Accounting Setups are correct and complete

No blank Account descriptions
Entry Types correct
No Warnings

If Trial Balance supplied is out of balance, use the Retained Income account to balance it.

If taking on multiple months, start with the first month and check that the Trial Balance is balanced before moving on to the next month.

Capture Opening Balances

Capture as per Trial Balance provided
Include Payables and Receivables on the Opening Balances, unless outstanding SIs and CIs are created as take on.