Enter Conversion Balancesadmin
- You can record opening balances for your accounts at any time, but the balances of your reporting and the bank won’t be accurate until you have entered them.
- Depending on your requirements, you can enter your balances one by one or import them in bulk.
- If you want to change opening balances, you have to enter the correct balances and then re-save.
Decide if You Want to Enter all Your Opening Balances Now
- You won’t get accurate reports until you enter your account balances in Clickentry. However, you need not enter any balance to start using Clickentry.
- Just enter the balances for the accounts only that have balances. If you have just started trading then your opening balances for all accounts most probably will be zero and you need not enter any. The only balances you may have to enter are a bank balance or owners’ equity balance.
- When you are setting up Clickentry, you may enter the opening balances for just some accounts. Most people start by entering just their bank account balance.
- You or your accountant can enter these account balances later at any time.
Choose a Method for Entering your Conversion Balances
When you’re all set to enter your conversion balances, you can choose any method from the below:
Method One: Manually Enter your Opening Balances
You may choose this method if you don’t mind doing data entry. The main reason you may choose this method is, you don’t want to enter every account from your old accounting system.
Method Two: Import your Opening Balances
You may want to go with this method if you are experienced with importing files or if you have the chart of accounts in bulk. Clickentry does not allow you to just import your opening balances – instead you have to add your opening balances to a chart of accounts import file.
Enter your Opening Balances
If you are manually entering or adjusting the opening balances in Clickentry then follow these instructions and you can also see our tips for entering opening balances.
You must use a copy of your previous accounting system’s trial balance for the day before your opening balance date. This is all to make sure that you are entering the most updated information into Clickentry.
- In the Settings menu, select Account Settings.
- Click on the Opening Balance link under the organisation section.
- On the Show all accounts link to see all the accounts in the chart of accounts.
- On the Add another option link and then select + Add Account to add a new account.
- (Optional) Click on the Remove zero balances link to remove all the account lines that have zero balance.
- Enter the balances from your former accounting system’s trial balance into the debit and credit fields according to your account.
- Click on the Submit button.
- Enter your unpaid invoices and bills (if any).
- You need to enter the outstanding overpayments or prepayments (if any) that relate to payments made or received prior to opening balance. You can use spend or receive money transactions by selecting the overpayment or prepayment option. Once these transactions are entered, you can reconcile them using the mark as reconciled option. The overall values for the prepayments and overpayments should be included with our opening balances.
- You need to enter the unpaid expense claims (if any) dated prior to conversion. You will also need to include the total of your unpaid expense claims in the opening balance screen under the account code for unpaid expense claims.
- (Optional) If you want to change conversion balances, simply click on the incorrect balances and replace it with the correct balances and click Submit.
- (Optional) Click on the Account Receivable and Account Payable button to see the linked transactions.
You have to enter the unpaid bills and invoices that make up the accounts payable and account receivable opening balances before you can save your opening balances. You should run a Trial Balance report after saving your opening balances to make sure that they are correct.