Adding an Opening Balance to general ledger accounts in Jim2 is a very simple process. It can be done at any point in time up until you close the first financial year in your Jim2 database.
1.Go to Accounts > General Ledger, and locate the required account. Click Edit or double click the Account.
2.Enter the opening balance value into the Opening Balance field.
3.Click OK.
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Remember that your stock on hand (depleting and special) and cost of goods (non depleting) opening balance accounts will be updated from your opening balance purchase order. If you enter opening balances into these general ledger accounts manually, they will be doubled up when updated from your opening balance purchase order. |
4.If the general ledger account for which you are adding or editing the opening balance is the debtors or creditors account, you will see two extra fields. These relate to the opening balance lists for debtors and creditors within Jim2. If the opening balance you enter as individual entries in the list does not match the opening balance on the general ledger account, your debtors and creditors balances will not equal the general ledger balances. To make balancing these accounts a little easier, we have included the Calculated Opening Balance (from the individual entries list) and an Out Of Balance field to show any differences.
The debtors opening balance list of entries also shows the GL account balance.
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There is an account called Historical Balancing which will hold any differences between your assets and liabilities opening balances. This account should have a 0.00 balance once all of your assets and liabilities opening balance figures are entered. If this account has a non-zero balance, and you are sure you have entered all your opening balances correctly, you will need to seek advice from your accountant, as something is not correct either in your entries, or in your closing balances from the last financial year. When you finish up your last financial year, your balance sheet has to balance. Therefore your assets minus liabilities opening balance should balance. |
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