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Note: You cannot amend opening balances. If you make a mistake when entering an opening balance, you can alter it by entering another opening balance transaction to reverse the original one. For example, an opening balance credit note reverses an opening balance invoice.
Opening balances represent the financial position of your organisation on the day you start entering live transactions onto the Purchase Ledger. Whatever date you choose you are likely to have opening balances, whether your organisation is just starting up or changing from another accounting system.
You can use batch processing to enter your opening balances.
When you enter an opening balance the system assigns the transaction as type OP.
Note: Opening balances do not affect turnover values. Purchase Ledger opening balances do not post any values to your Nominal Ledger or the VAT Return. Enter Nominal Ledger opening balances through the Nominal Ledger.
You must have:
Open: Purchase Ledger > Enter Transactions > Opening Balance Invoice.
Open: Purchase Ledger > Enter Transactions > Opening Balance Credit.
For a foreign supplier account, enter the value of the goods in the supplier's currency. Change the default exchange rate if required.
Note: This only affects the rate on the opening balance transaction and does not update the foreign currency exchange rates.
Click Save to save the information and clear the account information from the screen.
Click Save and Retain A/C Ref to save the information and keep the selected supplier account information on-screen.
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