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How to add beginning balances - Printable Version

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How to add beginning balances - clarisse_iia - 08-24-2012

How to add beginning balances for each account in order for me to parallel with our existing accounting system? thanks


RE: How to add beginning balances - phil - 08-25-2012

Cutting and pasting the manual for you:

Quote:As a simple example consider a trial balance with the entries:
Account Amount
Bank Account 1,000.00
Debtors Control 5,000.00
Creditors Control (2,000.00)
Motor Vehicles 10,000.00
Loan (3,000.00)
Accum Profits (11,000.00)

Check Total 0.00



††††† The system stops the user from entering journals to general ledger accounts defined as bank accounts. The Bank Account must be defined as such first - from the setup tab - Bank Accounts.

However, under general ledger - Bank Account Receipts - it is possible to enter general ledger receipts - a button to enter "General Ledger Receipt" allows receipts to be entered without selecting a customer account. The analysis of the other side of the general ledger entries that make up the receipt can then be entered. This is how general ledger balances should be brought on.

Create a general ledger receipt for 1,000.00 to make the opening bank account balance correct. When creating this receipt the user must select the general ledger accounts that the deposit represents you can enter as many general ledger accounts with different amounts against each. In a normal situation the receipt may be for example the sale of a vehicle - where the appropriate general ledger account may be the loss on fixed asset disposals and maybe some of it may also be sales tax/GST/VAT. However in the case of entering the opening balances the $1,000 deposit in our example is actually
Debtors Control 5,000.00
Creditors Control (2,000.00)
Motor Vehicles 10,000.00
Loan (3,000.00)
Accum Profits (11,000.00)
Total bank deposit $1,000

So entering in the receipt the analysis as above - -5,000 Debtors control, 2,000 Creditors control, -10,000 Motor vehicles, 3,000 loan and 11,000 accumulated profits will agree then to the 1,000 received into the bank account. It is important to date the receipt in the month prior to when the new webERP system will commence activity. In this way the brought forward balances for the new period will be correct.

Where there are several bank accounts each defined with different general ledger accounts, then a receipt should be entered to each bank account with a balance (or a payment if the bank account is overdrawn) - these balances can be cleared through postings to a suspense account.

It is important that the general ledger entries to the debtors control account and creditors control account tie up to the total of the functional currency balances of the AR and AP respectively.



RE: How to add beginning balances - clarisse_iia - 08-29-2012

thanks phil! Smile


RE: How to add beginning balances - avocado - 01-02-2013

Hello Phil,

I have a question on top this one... I read in the manual that I need to enter initial stock (openning stock balance) using stock-adjustment. However how do I set the initial value of the stock?

Like I have the quantities, and I can enter them, but how do I get it valued based on last year's prices?


RE: How to add beginning balances - phil - 01-02-2013

You can do cost updates on items.... before or after the quantity has been adjusted in

http://www.weberp.org/weberp/StockCostUpdate.php?StockID=0056