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Creating an Opening Balance

Opening Balance (OB) is the balance forwarded at the beginning of the new financial year or at the beginning of new accounting software. To create an OB, you need Trial Balance, Aged Payable (AP), and Aged Receivable (AR) Reports of your company.

 

Whether you are new to the accounting software or just moving to SlickPie, you would need to set up the following before creating an opening balance in SlickPie:

  1. Company details
  2. Chart of Accounts
  3. Bank Accounts
  4. Contacts 

 

Once all the details have been added to your account, you are ready to add create Opening Balance.

Please note We recommend consulting your accountant before doing entering the opening balance. It is a very important step and the status of the reports highly depends upon the entries made.

 

 

Say, Paula Walker is starting a new account in SlickPie on Jan 1, 2017. She has the following reports (closing balance) from Dec 31, 2016.

 

Trial Balance

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Aged Receivables

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Aged Payables

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To create the Opening Balance:

 

1. Go to Company.

 

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2. Select Opening Balance.

 

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3. Enter the Reference.

 

4. Select the Date. It depends upon your Financial Year.

 

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5. With Trial Balance, AR and AP figures in hand, she will enter all the details one by one.

Please remember Income and Expense account balances for the previous year will be recorded as Retained Earnings. That is it will be Retained Earnings + Income - Expenses ($12701.35 + $10,800.00 - $8,953.79 = $14,547.56).

 

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Features in Opening Balance

 

Default Reference

If you want to use the Reference text as Description in all entries, select Default Reference. Although selecting this option will add the same text as in Reference but you have the option to edit the description if need be as shown in two pictures below.

 

This is default description

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This is edited description

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Accounts Receivable/ Payable

Select the contact and add the Debit or Credit. If it's AR, the amount should be Debited and if it's AP, the amount should be Credited.

 

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Adding a new contact

If you do not have the contact in the list, you can add a new one right while creating the Opening Balance. To add a new contact:

 

1. Click Add New in Contact.

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2. Add Details and click Done.

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Adding a bank account

You can add a new bank account while adding the opening balance. To add a bank account:

 

1. Click Add New in Account.

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2. Enter the details and click Done.

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Draft

Make sure to save the entries as soon as you start entering them. You can save the entries as a Draft if left unfinished or needs to be proofread before finalizing.

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Post

Once finalized, click Post.

 

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Edit

Once the OB is posted, you can Edit the entries, Delete them or View Payments.

 

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Update

If you made any changes, click Update to save those changes.

 

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View Payments

If you receive a payment from the customer, you have to receive it against the OB. Click Receive Payment to get more details. Once the payment received, you will be able to see it in OB by clicking View Payments.

 

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