How do I adjust an account opening balance?

Summary

When setting up your Platinum system, you may wish to enter an Opening Balance for each of your Customers and Suppliers. If you make a mistake, you can correct it by posting an adjustment.

More Information

• Go into " Sales Ledger\Purchase Ledger Maintenance Options Adjustments".
• At "Customer/Supplier:", enter the code for the Customer or Supplier to whom the Opening Balance relates.
• Press <Enter> to list all transactions.
• Find the Opening Balance transaction and make sure the arrow is pointing at it.
• Press [A] to Adjust.
• Enter the date for the adjustment.

If this is a late adjustment and you have already closed the month to which it relates, post it with a date of the 1st of the next month you are going to close.

• Enter a comment, e.g. 'CORRECTION' (max 15 characters).
• Press <Enter> to move to the "Total Amount" field.
• Enter the amount to adjust by, entering the minus sign if this is a negative adjustment.

Take care to post the adjustment the correct way round. See the examples below for assistance.

If a £500 Invoice Opening Balance should have been a £400 Invoice Opening Balance, you would enter -100.00 as the value to adjust by.

If a £500 Invoice Opening Balance should have been a £400 Credit Opening Balance, you would enter -900.00 as the value to adjust by.

If a £100 Credit Opening Balance should have been a £300 Invoice Opening Balance, you would enter 400.00 as the value to adjust by.

• The "Centre" should be 'Z995 - Profit to Date'.
• Press <Esc> and [Accept] to save the adjustment.

See also

• Recommended accounting routines
• Posting Purchase Invoices

Feedback

Thank you for using our Knowledge Base, we value your feedback. Did you find this article useful? 'Yes' or 'No'

Keywords AND Misspellings

opening balance, correct, correction, incorrect, adjust, adjustment, reverse, reversal, opening balances