Opening Supplier Balances

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

 

SETUP > OPENING SUPPLIERS 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.

 
 
Supplier Names              
 

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

 
 
Total Balance                  
 

The amounts which are owed to Suppliers by you at the Opening Balance date is entered here by Supplier.  A total balance for any such Supplier 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 the entries, when ready.  
 
 
 
Example:
 
Telecom Services Ltd are owed €350 as at the Opening Balance date, 31/12/2016. 

 

€100 of this debt relates to October Purchases

€150 relates to November Purchases

Balance of €100 relates December Purchases

 
The entry on screen will be:
 
Total Balance              1-2 Months                              Older           
     €350                         €150                                   €100   
 
 
Once posted the automated entry recorded within Thesaurus Accounts will create the following transaction entries;
 
31/12/2016                  Cr                    Trade Creditors                       €100
                                   Dr                    Profit and Loss Account           (€100)
 
            
30/11/2016                  Cr                    Trade Creditors                        €150             
                                   Dr                    Profit and Loss Account            (€150)
 
 
31/10/2016                  Cr                    Trade Creditors                       €100
                                   Dr                    Profit and Loss Account           (€100)                             
 
 

There is no entry in relation to the VAT element of the Opening Balances as it is assumed that the VAT element of the purchase 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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