Setting Your Opening Balance Dateadmin
- The opening balance date is the date of your organisation’s opening account balances.
- If applicable, we recommend using a month a sales tax period starts from.
About your Opening Balance Date
- The opening balance date is the date of your opening account balances. Usually, It’s the date you start using Clickentry. The only transactions you can enter in the Clickentry dated before this date invoices and bills that were unpaid when you converted.
- When you are coming from another accounting system, it’s good practice that the opening balance date is the day after the date when you balanced all your accounts in your former system. But when you are entering balances from your trial balance, you need to run this report to the day before you want to start using Clickentry.
- In case you have already entered the opening balances and you need to change the opening balance date, you will have to confirm the balances and make the required changes.
- If your opening balance date is in the past and you have set up your business since then, you have to import from your opening balance date onwards:
- Bank account and credit card statements
- Invoices and bills.
Adding Transactions Prior to Opening Balance Date
- The only transactions that take place from your organisation’s opening balance date onwards should be entered in Clickentry. It includes the unpaid amount of any sales invoices and purchase bills at your opening balance date. The opening balance date is the start date for Clickentry reporting.
- The entered balances are called the opening balances for the accounts they are entered for. While creating reports, Clickentry looks at the transactions dated after the opening balance date and adds them to the opening balance for the account. The Prior opening balance dated transactions are not included in reports.
- If you need to have all transaction details for previous years in Clickentry, we suggest you set an earlier opening balance date and recreate the earlier years’ accounts in Clickentry.
Tips for Choosing an Opening Balance Date
Choosing a month will depend on how you currently manage your accounts and what data you want to carry further. Clickentry suggests you choose a month from where your sales tax period starts.
You can choose an Opening balance date:
- From the future date, if you need to get Clickentry set up before you start using it.
- From the past date, If you need to recreate your account back to then
- If it’s different from the start of your financial year.
Set or Change your Opening Balance Date
If your opening balances are locked then the only user with the adviser user role can update the opening balance date.
- In the Settings menu, select Account Settings.
- Click on the Opening Balance link under the organisation section.
- Click on the Conversion Date button.
- Set the opening balance date you’d like to start entering transactions from.
- Click on the Submit button.
You’ll have to review and confirm your opening balance next.
Tips When Changing Your Conversion Date to a Later Date
- You need to void any invoices and bills that were paid before the new opening balance date, but you can retain any that were still unpaid at the new date.
- If there are any bank statements that have been imported and are dated earlier than the new date then you have to remove these bank statements.
- If there are any other transactions that are dated earlier than the new date, you have to remove them.