opening balance

SOLVED

Hi

I have some General Ledger accounts given to me by accountant that I need to open balances before starting to process transactions.

Am not from an accounting background so any help to clarify on the topic would be most appreciated.

Can anyone kindly advise how to proceed please? Thx.

  • +1
    verified answer

    Hi Rainbow_guy

    Do the following:

    1. First confirm the CONTRA account/s from your accountant against which these opening balances should be captured in the company, as well as the opening period. Only your accountant should know this. 

    2. Backup the company 

    3. When done, capture and process all these opening balances as a normal GL Journal batch using the correct GL and Contra accounts, transaction dates, References and Descriptions on each transaction line 

    4. When done, print a GL Trial Balance for the same period in which the opening balances have been captured and confirm with your accountant that he/she is satisfied with the results. 

    Kind Regards

    Bennie