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Opening and Closing Balances

Opening and Closing Balances

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Opening and Closing Balances

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The Opening balance of most balance accounts are set in Accounts / Nominal

There are a few exceptions to this where the balances are calculated each time retrospectively. These are

Debtors

Creditors

Used Unit Stock

New Unit Stock

The Closing Balance is the Opening Balance plus the sum of entries in-between. For example on the Bank account, if the Opening Balance is 500.00, there were 800.00 in money paid in and 600.00 in money paid out, then the closing balance would be calculated at 700.00 (500+800-600=700)  

At the End of each Financial year you should run the Year End feature in Accounts / Maintenance. This will set the Opening Balances for the new year to the calculated Closing balance of the year just ending. Note with balance accounts that still need entries in the old year (such as the Bank Account) you will need to manually update the new year Opening Balance when you have fully reconciled the old year.

Notes on Stock Opening and Closing balances

Add any Stock in current Sales Orders and Stock in current Jobs to the Opening and Closing stock

Exclude any Units (Bikes etc), from the Stock by Group Cat and list the Units stock separately as units on the same part number can have varying costs

There are a few scenarios where the Invoiced profit would not match exactly to the Profit and loss profit – such as:

Stock write-downs

Stock adjustments

Stock sold on internal transactions

Customer Special Orders where the parts are invoiced in the period before they are received