Opening Balances Checklist

¿ Check that your Financial Year Start Date is correct.

¿ Make sure you are set up for the correct VAT scheme: either the Standard VAT Scheme or VAT Cash Accounting. You should check the VAT Scheme you are using with your accountant. You will also be able to obtain your opening balance figures from your accountant.

¿ Post the opening balances for your customers and suppliers.

¿ Print and check the opening balances in the following reports: From the Customers module; Aged Debtors Analysis (Detailed) and Customer Activity (Detailed). From the Supplier module; Aged Creditors Analysis (Detailed) and the Supplier Activity (Detailed). From the Financials module print out the Trial Balance.

¿ Clear the Debtors and Creditors Control and Suspense Account balances using the values from your Trial Balance.

Note: Users of the VAT Cash Accounting scheme should also clear their Sales and Purchase Tax Control accounts.

¿ Post your nominal ledger opening balances.

¿ Post your bank account opening balances.

¿ Reprint your Trial Balance.

¿ Make sure the balance on your Suspense Account is zero.

¿ Run the Check Data option.

¿ Take a back up of your data and label it "After Entering Opening Balances".