Opening Customer Balances

CUSTOMERS FOR WHOM THERE IS AN OPENING AMOUNT DUE MUST BE SET UP PRIOR TO THE ENTERING OF OPENING BALANCES WITHIN SETUP > ADD/ AMEND CUSTOMERS.

 

SETUP > OPENING CUSTOMER BALANCES 

 
Date                                                                     
 

Enter the date the opening balances relate to i.e. the last day of the last financial period.  For example, if the user is starting to use Thesaurus Accounts from 01/01/2017, the opening balance date will be the last day of the prior period 31/12/2016. The date is automatically copied in from the Opening Balance Date setup with Company Details.  This date may be amended if required.

 
 
Customer Names                       
 

The full list of Customers set up under “Add / Amend Customers” is shown. Additional Customer names cannot be set up within this screen, you must revert back to the “Add / Amend Customer” screen.

 
 
Total Balance                  
 

The amounts which any Customers owe you at the Opening Balance date is entered here by Customer.  A total balance for any such Customers must be entered, it is then optional if you would like that balance aged.  A total balance must be entered, the aging balances cannot be filled in on their own.

If there are any errors in the figures entered which are noticed before exiting the screen simply click back into the box and edit the amount.

 
                        
Post Entries                                            
 
Post entries, when ready.  
 
 
 
Example :
 

Joe Bloggs Ltd owes the business €1,000 as at the Opening Balance date, 31/12/2016. 

 

€200 of this debt relates to October sales

€500 relates to November sales

Balance of €300 relates December sales.

 
The entry on screen will be:
 
Total Balance              1-2 Months                            Older               
     €1,000                       €500                                €200                   
 
 
Once posted the automated entry recorded within Thesaurus Accounts will create the following transaction entries:
 
31/12/2016    Dr       Trade Debtors                       €300                                            
                         Cr       Profit and Loss Account     (€300)  
 
            
30/11/2016    Dr       Trade Debtors                      €500                    
                         Cr       Profit and Loss Account    (€500)  
 
 
31/10/2016    Dr        Trade Debtors                       €200                
                         Cr        Profit and Loss Account     (€200)    
         
 

Please Note: There is no entry in relation to the VAT element of the Opening Balances as it is assumed that the VAT element of the sales was already accounted for in the prior financial period. Therefore if there is any part of a balance that the VAT element has not been included in a VAT return then the total balance must be reduced by the gross element and an invoice posted in order to capture the VAT element and to include the VAT element in the next VAT return.

 

IT IS NOT COMPULSORY TO SPLIT THE BALANCE ACROSS THE OPENING BALANCE AND OLDER PERIODS.  THE TOTAL BALANCE DUE CAN BE SIMPLY ENTERED UNDER TOTAL BALANCE.

GOING FORWARD EACH TRANSACTION ENTERED WILL BE ASSIGNED A TRANSACTION DATE SO THAT THE PROGRAM WILL AUTOMATICALLY AGE THE BALANCES HEREAFTER.

 
 
 
  

Need help? Support is available at 01 8352074 or support@thesaurus.ie.

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