Opening Bank and Nominal Balances


If your business is already in operation for a number of financial years then you must decide from which point you will be recording transactions within Thesaurus Accounts. 

As your business is already in operation for a number of periods then there are certain "Opening Balances" to be entered to indicate the opening financial positions of the business, e.g. opening bank balance, amounts due from customers etc.

It is advisable that the point from which you start to use Thesaurus Accounts would be the first day of the new financial year, therefore the balances from the preceding day's close of business are entered as the opening balances, i.e. last day prior financial period.

The reason for this is that your accountant will prepare your accounts as at the close of business of the last financial period therefore the accounts which he issues to you for signing and publication will have the opening financial position which you will enter as your opening balances.

  • Prior Financial Year End                    31st December 2021
  • Opening Balance Date                      31st December 2021


The balances as per the accounts at 31st December 2021 include all transactions up to close of business on that day (including all transactions of that day). Therefore you are entering the balances as at close of business 31st December 2021.

Enter Opening Balances in order to have the correct balances brought forward on the Balance Sheet accounts from the prior financial year.

The Balance Sheet records Asset and Liability account balances.


Assets are amounts receivable, prepayments, closing stock, cash at bank etc, in other words amounts to the advantage of the business which are transferable into cash either now or in the future. 


Liabilities are amounts payable, accruals, amounts owing, bank overdraft, loans etc, in other words the debts of the business which it must settle either now or in the future. 

Such Balance Sheet accounts are carried forward into the next financial period and it is desirable that these balances are entered upon setting up of Thesaurus Accounts in order to reflect a true and fair view of the business.  However there is no restriction as to when these balances are entered, so if they are not available at setup they may be entered at any time in the future, this does not stop you from going ahead and entering transactions on Thesaurus Accounts.



Enter the appropriate figures from the Balance Sheet as at the Opening Balance date (i.e. the last day of the prior financial period.
Enter the asset amounts on the debit side
Enter the liability amounts on the credit side
Post Entries                    
All the debits and credits will be posted with the balancing figure automatically being entered to the Profit and Loss Account.
Examples of Assets are:
  • Land and Buildings, Cars, Vans and Trucks, Fixtures and Fittings, Plant and Machinery, Office Equipment
  • Goodwill
  • Cash in the Bank
  • Closing Stock
  • Prepaid items
 Examples of Liabilities are:
  •  Bank Overdraft
  •  Loans
  •  Leasing Finance
  •  Accruals and amounts owing

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