Migration of prior period account balances to the new accounting software, this is also known as the opening balances i.e., the closing balance for the end of the month will become the opening balance for the beginning of next month.
Opening balances include Trade Debtors, Trade Creditors, and General Ledgers.
Outstanding individual sales invoice balances must be keyed either manually or uploaded via the excel template provided in the new software. They are entered in the Accounts Receivable module.
An example of customer data is shown below for setup:
| Description | Dr |
| Trade Debtors General Ledger balance | £ 3,372 |
Outstanding individual purchase/expense bill balances must be keyed either manually or uploaded via the excel template provided in the new software. They are entered in the Accounts Payable module.
An example of supplier data is shown below for setup:
| Description | Cr |
| Trade Creditors General Ledger balance | £ 1,323 |
All other entries besides, Trade Debtors and Trade Creditors, must be entered in General Ledger.
An example is shown below:
