How do I enter an opening trial balance?
 |
This article or section is under review. Be aware: Content may change as the document is reviewed. |
Summary
If you are a new customer to Platinum, or are using our accounts for the first time, there is a process you need to go through to journal in all of your opening balances from your current profit and loss and balance sheet into Platinum. These are normally obtained from your accountant, and is generally known as an opening trial balance. The following article explains the process required.
Posting the Opening Trial Balance
The opening trial balance will generally be provided by your accountant or will be extracted from your existing accounting system. The balances need to be entered onto the Nominal Ledger using Journal Entries - Multiple Entry.
- Enter a date that is the 1st day of the first month of your financial year.
- Enter each centre from the Trial Balance, ignoring Sales Control, Purchase Control and Profit to Date for now.
- Enter each value off of the trial balance sheet as a positive amount if the value sits in the debit column and a negative amount if it's in the credit column.
- Enter an appropriate comment such as Open Bal.
- Once all the centres are on, post any difference to Z995 – Profit To Date.
 | The values for Sales and Purchase Control should have been reached by posting the Opening Balances on each individual Customer and Supplier Account. |
If you find any differences between the opening values for the Sales and Purchase Control centres, and the opening balances you have posted onto the Sales and Purchase ledgers, try to identify where the differences are e.g. have you posted a new invoice as an opening balance which wasn’t in the Sales or Purchase Control when the opening balances were calculated; has the accountant written any debts off as bad debts; have you paid any invoices again which were unpaid when the balances were calculated etc. Make any corrections through the Sales and Purchase ledgers or contact software support for help if you are unsure how to proceed.
 | DO NOT journal into or out of Z993/Z994 (Purchase/Sales Control) in order to correct these differences. These centres are for system postings ONLY. |
