Debtors (Clients) Opening Balances - how to add?

Question asked by Ricston Admin 7 years ago

I am starting the system for a financial period 30 June 2015 - 31 December 2015, so that all opening balances are dated 30th June (however our business was operational already before that). I have my management accounts ready for this date and in Balance sheet / Current Assets I have Accounts Receivables (outstanding payments from my Clients). I wanted to set an opening balance for this account, but am not sure how to do it.

Should I set Debtors balance in Settings->Getting started->Debtors?

In that case system offers me to enter invoices. Should I enter outstanding invoices by Debtor/Client? What about those invoices that were already paid and ended up in Revenue (PL) and Bank Account (BS)? Where do I fill in my revenue/sales balance? Can I start with 30th June or should I go back to 1st of January 2015?

There is also an option in Sales->Customers to add Clients, but I haven't seen any field for opening balance in there.

Basically the same question goes to Creditors (Accounts Payables), I have something outstanding and some paid invoices - how do I enter balances?

Thank you very much for help!

2 Replies

Hi Ricston,

I take it your actual financial reporting year runs from 1st Jan - 31st December, is there any particular reason you have decided to start from the 30th June?

Dear John,

We are switching from another accounting system to Clearbooks and it seemed like a lot of work to insert transactions for the full year. So we decided to start from end of June - the date of our first management accounts.

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