What are Opening Balances?

Opening balances represent the financial position of your organisation on the day you start entering æliveÆ transactions. Whatever date you choose you are likely to have opening balances, whether your organisation is just starting up or you are changing over from another accounting system.

Opening balances consist of information such as:

$image\bullet.gif$ Outstanding Customer Transactions.

$image\bullet.gif$ Outstanding Supplier Transactions.

$image\bullet.gif$ Nominal Ledger Trial Balance.

$image\bullet.gif$ Bank Account Trial Balance.

Without accurate opening balances the financial statements produced by Instant will not give a true picture of your financial position.

For more information about Opening Balances and how they should be entered, click on a related topic below.