TASBooks - How to enter opening balances

Opening balances represent the financial position of your organisation on the day you start using TASBooks. Whatever date you choose, you're likely to have opening balances, whether your organisation is just starting up, or you're changing over from another accounting system. Without accurate opening balances the financial statements produced by TASBooks won't give a true picture of your financial position. Opening balances consist of information such as:

  • Outstanding customer transactions.
  • Outstanding supplier transactions.
  • Nominal ledger trial balance figures.

Before entering opening balances

If you're moving to TASBooks from another system, we recommend you do this at the start of a new accounting period. You should ensure you've entered all transactions up to the date you want to start using TASBooks from. You should also submit your final VAT Return though your old system.

To enter your opening balances you need the following information from your previous system or accountant.

  • The closing trial balance - This lists the balance on each nominal ledger account that you need to enter in TASBooks.
  • Your latest bank statement so you can enter your bank opening balances.
  • Your outstanding customer and supplier transactions. These reports are often called aged debtors and aged creditors reports.

How you enter opening balances depend on what VAT scheme you use. When you use the Invoice Basis VAT scheme, if you're in Ireland, or the Standard VAT scheme in the UK, when you enter your opening balances, you need to make sure they're outside the scope of VAT. This is because you've already accounted for the VAT in your previous system.

If you use the Cash Basis scheme in Ireland, or VAT Cash Accounting scheme in the UK, you pay VAT on the payments you make and receipts you receive. Therefore when you enter your opening balances, you need to make sure you choose the correct VAT rate and enter the net and VAT values.

You can check your VAT scheme in Central > General Company Information > Company Information (option 011) > VAT.

The opening balance control account

As TAS is based on the basic double entry accounts principle, when you enter your opening balances, you should post the opposite entries of each journal to your opening balance control account, 9999-100. You should check this exists in Nominal > Nominal Account > Maintain Chart of Accounts (option 111).

If it doesn't exist, for more help creating the code, press F1.

The following steps contain everything you need to help you enter your opening balances.

To enter your customer opening balances

Tip: You can enter an opening balance as a lump sum for each customer, however, for ageing purposes, we recommend you enter each outstanding invoice or credit note individually. This gives you a true picture of the history of each customer account.

  1. To enter an outstanding invoice > Sales > Enter / Change Journals > Enter / Change Customer Invoices / Debit Journals (option 221).
  2. Alternatively, to enter a credit note > Sales > Enter / Change Journals > Enter / Change Customer Credit Notes / Credit Journals (option 222).

  3. Enter the following information:
  4. Date So you can report on this for ageing purposes, enter the original date of the invoice or credit note.
    Type Choose SL Invoice or SL Credit Note.
    Code Enter the customer's code or, to look up the customer, click the Code link > select the customer > Select.
    Ref No: If required, enter a reference, for example Opening balance.
    Net

    If you use the Invoice Basis or Standard VAT scheme, enter the gross amount of the invoice.

    If you use the Cash Basis or VAT Cash Accounting scheme, enter the net amount.

    VAT

    If you use the Invoice Basis or Standard VAT scheme, as you've already accounted for the VAT in your previous system, enter O.

    If you use the Cash Basis or VAT Cash Accounting scheme, you still need to account for the VAT when you receive the payment, therefore enter the relevant VAT rate.

  5. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the next item line in Account, enter 9999.
  6. If this is an invoice, enter the amount required to balance the journal in Credit, if this is a credit note, enter the amount in Debit.
  7. For example, if you use the Invoice Basis or Standard VAT scheme, the journal is:

    Account Dept Description Debit Credit
    1700 100 Sales Ledger Control 100  
    9999 100 Opening Balance Control   100
  8. Save > Yes.
  9. Repeat steps 2 to 5 until you've entered all of your customer opening balances > Cancel.

To enter your supplier opening balances

Tip: You can enter an opening balance as a lump sum for each customer, however, for ageing purposes, we recommend you enter each outstanding invoice or credit note individually. This gives you a true picture of the history of each customer account.

  1. To enter an outstanding invoice > Purchase > Enter / Change Journals > Enter / Change Supplier Invoices / Credit Journals (option 321).
  2. Alternatively, to enter a credit note > Purchase > Enter / Change Journals > Enter / Change Supplier Credit Notes / Debit Journals (option 322).

  3. Enter the following information:
  4. Date So you can report on this for ageing purposes, enter the original date of the invoice or credit note.
    Type Choose PL Invoice or PL Credit Note
    Code Enter the supplier's code or, to look up the supplier, click the Code link > select the supplier > Select.
    Ref No: If required, enter a reference, for example Opening balance.
    Net

    If you use the Invoice Basis or Standard VAT scheme, enter the gross amount of the invoice.

    If you use the Cash Basis or VAT Cash Accounting scheme, enter the net amount.

    VAT

    If you use the Invoice Basis or Standard VAT scheme, as you've already accounted for the VAT in your previous system, enter O.

    If you use the Cash Basis or VAT Cash Accounting scheme, you still need to account for the VAT when you make the payment, therefore enter the relevant VAT rate.

  5. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the second item line in Account, change 4000 to 9999.
  6. If this is an invoice, enter the amount required to balance the journal in Debit, if this is a credit note, enter the amount in Credit.
  7. For example, if you use the Invoice Basis or Standard VAT scheme, the journal is:

    Account Dept Description Debit Credit
    2100 100 Purchase Ledger Control   100
    9999 100 Opening Balance Control 100  
  8. Save > Yes.
  9. Repeat steps 2 to 5 until you've entered all of your customer opening balances > Cancel.

To enter your bank opening balances

Tip: Your bank opening balance is the closing balance from your bank statement. If you have any uncleared items that have yet to appear on your bank statement, so that you can reconcile them at a later date, you should enter these separately.

To enter your bank opening balance

  1. If your bank account has a positive balance > Cash Book > Enter / Change Journals > Enter / Change Cash Receipts / Sales (option 421).
  2. If your bank has a negative opening balance > Cash Book > Enter / Change Journals > Enter / Change Cash Payments / Purchases (option 422).

  3. Enter the following information:
  4. To Bank Choose the required bank account.
    Date Enter the last day of your previous accounting period.
    Type Choose Home Receipt or Home Payment.
    Slip No Enter a reference.

    Note: For the opening balance to appear in the bank reconciliation, you must enter a reference.

    Desc Enter a description, for example Opening balance.
    Net Amt Enter the amount of the opening balance.
    VAT Amt As you've already accounted for the VAT, enter O.
  5. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the second item line in Account, enter 9999.
  6. If this is receipt, enter the amount required to balance the journal in Credit, if this is a credit note, enter the amount in Debit.
  7. For example, if your bank balance is a positive value, the journal is:

    Account Dept Description Debit Credit
    1800 100 Current   100
    9999 100 Opening Balance Control 100  
  8. Save > Yes.
  9. If you have additional bank accounts, repeat steps 2 to 5 > Cancel.

To enter uncleared bank items

  1. To enter a receipt > Cash Book > Enter / Change Journals > Enter / Change Cash Receipts / Sales (option 421).
  2. To enter a payment > Cash Book > Enter / Change Journals > Enter / Change Cash Payments / Purchases (option 422).

  3. Enter the information required to record the receipt or payment ensuring you enter the full amount in Net Amt and the VAT Amt as O.
  4. Save > Yes > Cancel.

To enter your nominal ledger opening balances

Note: Nominal ledger opening balances are that don't relate to your customers, suppliers or bank accounts, for example, depreciation or rent. If you haven't already done so, to enter the customer, supplier and bank opening balances, please refer to the previous sections.

  1. Nominal > Enter / Change Journals > Enter / Change General Journals (option 121).
  2. Enter a description, for example, Opening balance > Date > enter the last day of your previous accounting period.
  3. Reference > enter an additional reference.
  4. Line 1 > enter the first nominal account.

    Tip: To look up the nominal account, press F2 > select the required account > Select.

  5. If required, enter a description > enter the debit or credit value.
  6. On the next line, enter the account 9999 > enter the opposite value to the first entry. For example, if your first line is a credit value of 1000, enter a debit value of 1000 on this line.
  7. Repeat steps 5 and 6 until you've entered all of your nominal opening balances.
  8. Check the total debit and credit value is the same > Save > Yes > Cancel.

You've successfully entered your opening balances, you should now check the trial balance is correct.

 

To check your trial balance

  1. Nominal > Reporting > Print Trial Balance (option 134).
  2. Year > choose the relevant year > enter the required starting and ending periods.
  3. Tip: If you're starting to use TASBooks at the start of your financial year, choose 1 year past and enter the starting period as 1 and the ending period as 12. If you're starting to use TASBooks part-way through your financial year, choose Current. Enter the starting period as 1 and the ending period is the month up to which you entered your opening balances.

  4. Select Opening Balances > Print.

Check the values agree with your trial balance from your previous system and balance on account 9999 should now be zero. If you entered your opening balances in a previous financial year, once you're happy the values for the previous year are correct, you should transfer your profit to your balance sheet.

To transfer your profit to the balance sheet

Note: You should only transfer your profit to your balance sheet once you're happy the values you entered for your opening balances are correct. If you need to make any adjustments, such as a late entry, you can do so and then transfer the profit again. You only need to follow these steps if you entered opening balances in the previous financial year.

  1. Nominal > Report Generator > Transfer Profit to Balance Sheet (option 147).
  2. Transfer from > choose 1 Yr Past > Transfer > OK > Cancel.

You've successfully transferred the profit to the balance sheet and this shows in the profit brought forward.

Information

Before entering opening balances

If you're moving to TASBooks from another system, we recommend you do this at the start of a new accounting period. You should ensure you've entered all transactions up to the date you want to start using TASBooks from. You should also submit your final VAT Return though your old system.

To enter your opening balances you need the following information from your previous system or accountant.

  • The closing trial balance - This lists the balance on each nominal ledger account that you need to enter in TASBooks.
  • Your latest bank statement so you can enter your bank opening balances.
  • Your outstanding customer and supplier transactions. These reports are often called aged debtors and aged creditors reports.

How you enter opening balances depend on what VAT scheme you use. When you use the Invoice Basis VAT scheme, if you're in Ireland, or the Standard VAT scheme in the UK, when you enter your opening balances, you need to make sure they're outside the scope of VAT. This is because you've already accounted for the VAT in your previous system.

If you use the Cash Basis scheme in Ireland, or VAT Cash Accounting scheme in the UK, you pay VAT on the payments you make and receipts you receive. Therefore when you enter your opening balances, you need to make sure you choose the correct VAT rate and enter the net and VAT values.

You can check your VAT scheme in Central > General Company Information > Company Information (option 011) > VAT.


The opening balance control account

As TAS is based on the basic double entry accounts principle, when you enter your opening balances, you should post the opposite entries of each journal to your opening balance control account, 9999-100. You should check this exists in Nominal > Nominal Account > Maintain Chart of Accounts (option 111).

If it doesn't exist, for more help creating the code, press F1.



Steps

The following steps contain everything you need to help you enter your opening balances.

To enter your customer opening balances

Tip: You can enter an opening balance as a lump sum for each customer, however, for ageing purposes, we recommend you enter each outstanding invoice or credit note individually. This gives you a true picture of the history of each customer account.

  1. To enter an outstanding invoice > Sales > Enter / Change Journals > Enter / Change Customer Invoices / Debit Journals (option 221).
  2. Alternatively, to enter a credit note > Sales > Enter / Change Journals > Enter / Change Customer Credit Notes / Credit Journals (option 222).

  3. Enter the following information:
  4. Date So you can report on this for ageing purposes, enter the original date of the invoice or credit note.
    Type Choose SL Invoice or SL Credit Note.
    Code Enter the customer's code or, to look up the customer, click the Code link > select the customer > Select.
    Ref No: If required, enter a reference, for example Opening balance.
    Net

    If you use the Invoice Basis or Standard VAT scheme, enter the gross amount of the invoice.

    If you use the Cash Basis or VAT Cash Accounting scheme, enter the net amount.

    VAT

    If you use the Invoice Basis or Standard VAT scheme, as you've already accounted for the VAT in your previous system, enter O.

    If you use the Cash Basis or VAT Cash Accounting scheme, you still need to account for the VAT when you receive the payment, therefore enter the relevant VAT rate.

  5. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the next item line in Account, enter 9999.
  6. If this is an invoice, enter the amount required to balance the journal in Credit, if this is a credit note, enter the amount in Debit.
  7. For example, if you use the Invoice Basis or Standard VAT scheme, the journal is:

    Account Dept Description Debit Credit
    1700 100 Sales Ledger Control 100  
    9999 100 Opening Balance Control   100
  8. Save > Yes.
  9. Repeat steps 2 to 5 until you've entered all of your customer opening balances > Cancel.

To enter your supplier opening balances

Tip: You can enter an opening balance as a lump sum for each customer, however, for ageing purposes, we recommend you enter each outstanding invoice or credit note individually. This gives you a true picture of the history of each customer account.

  1. To enter an outstanding invoice > Purchase > Enter / Change Journals > Enter / Change Supplier Invoices / Credit Journals (option 321).
  2. Alternatively, to enter a credit note > Purchase > Enter / Change Journals > Enter / Change Supplier Credit Notes / Debit Journals (option 322).

  3. Enter the following information:
  4. Date So you can report on this for ageing purposes, enter the original date of the invoice or credit note.
    Type Choose PL Invoice or PL Credit Note
    Code Enter the supplier's code or, to look up the supplier, click the Code link > select the supplier > Select.
    Ref No: If required, enter a reference, for example Opening balance.
    Net

    If you use the Invoice Basis or Standard VAT scheme, enter the gross amount of the invoice.

    If you use the Cash Basis or VAT Cash Accounting scheme, enter the net amount.

    VAT

    If you use the Invoice Basis or Standard VAT scheme, as you've already accounted for the VAT in your previous system, enter O.

    If you use the Cash Basis or VAT Cash Accounting scheme, you still need to account for the VAT when you make the payment, therefore enter the relevant VAT rate.

  5. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the second item line in Account, change 4000 to 9999.
  6. If this is an invoice, enter the amount required to balance the journal in Debit, if this is a credit note, enter the amount in Credit.
  7. For example, if you use the Invoice Basis or Standard VAT scheme, the journal is:

    Account Dept Description Debit Credit
    2100 100 Purchase Ledger Control   100
    9999 100 Opening Balance Control 100  
  8. Save > Yes.
  9. Repeat steps 2 to 5 until you've entered all of your customer opening balances > Cancel.

To enter your bank opening balances

Tip: Your bank opening balance is the closing balance from your bank statement. If you have any uncleared items that have yet to appear on your bank statement, so that you can reconcile them at a later date, you should enter these separately.

To enter your bank opening balance

  1. If your bank account has a positive balance > Cash Book > Enter / Change Journals > Enter / Change Cash Receipts / Sales (option 421).
  2. If your bank has a negative opening balance > Cash Book > Enter / Change Journals > Enter / Change Cash Payments / Purchases (option 422).

  3. Enter the following information:
  4. To Bank Choose the required bank account.
    Date Enter the last day of your previous accounting period.
    Type Choose Home Receipt or Home Payment.
    Slip No Enter a reference.

    Note: For the opening balance to appear in the bank reconciliation, you must enter a reference.

    Desc Enter a description, for example Opening balance.
    Net Amt Enter the amount of the opening balance.
    VAT Amt As you've already accounted for the VAT, enter O.
  5. Press the Tab button on your keyboard until you get to the grid. To balance the journal, on the second item line in Account, enter 9999.
  6. If this is receipt, enter the amount required to balance the journal in Credit, if this is a credit note, enter the amount in Debit.
  7. For example, if your bank balance is a positive value, the journal is:

    Account Dept Description Debit Credit
    1800 100 Current   100
    9999 100 Opening Balance Control 100  
  8. Save > Yes.
  9. If you have additional bank accounts, repeat steps 2 to 5 > Cancel.

To enter uncleared bank items

  1. To enter a receipt > Cash Book > Enter / Change Journals > Enter / Change Cash Receipts / Sales (option 421).
  2. To enter a payment > Cash Book > Enter / Change Journals > Enter / Change Cash Payments / Purchases (option 422).

  3. Enter the information required to record the receipt or payment ensuring you enter the full amount in Net Amt and the VAT Amt as O.
  4. Save > Yes > Cancel.

To enter your nominal ledger opening balances

Note: Nominal ledger opening balances are that don't relate to your customers, suppliers or bank accounts, for example, depreciation or rent. If you haven't already done so, to enter the customer, supplier and bank opening balances, please refer to the previous sections.

  1. Nominal > Enter / Change Journals > Enter / Change General Journals (option 121).
  2. Enter a description, for example, Opening balance > Date > enter the last day of your previous accounting period.
  3. Reference > enter an additional reference.
  4. Line 1 > enter the first nominal account.

    Tip: To look up the nominal account, press F2 > select the required account > Select.

  5. If required, enter a description > enter the debit or credit value.
  6. On the next line, enter the account 9999 > enter the opposite value to the first entry. For example, if your first line is a credit value of 1000, enter a debit value of 1000 on this line.
  7. Repeat steps 5 and 6 until you've entered all of your nominal opening balances.
  8. Check the total debit and credit value is the same > Save > Yes > Cancel.

You've successfully entered your opening balances, you should now check the trial balance is correct.


To check your trial balance

  1. Nominal > Reporting > Print Trial Balance (option 134).
  2. Year > choose the relevant year > enter the required starting and ending periods.
  3. Tip: If you're starting to use TASBooks at the start of your financial year, choose 1 year past and enter the starting period as 1 and the ending period as 12. If you're starting to use TASBooks part-way through your financial year, choose Current. Enter the starting period as 1 and the ending period is the month up to which you entered your opening balances.

  4. Select Opening Balances > Print.

Check the values agree with your trial balance from your previous system and balance on account 9999 should now be zero. If you entered your opening balances in a previous financial year, once you're happy the values for the previous year are correct, you should transfer your profit to your balance sheet.


To transfer your profit to the balance sheet

Note: You should only transfer your profit to your balance sheet once you're happy the values you entered for your opening balances are correct. If you need to make any adjustments, such as a late entry, you can do so and then transfer the profit again. You only need to follow these steps if you entered opening balances in the previous financial year.

  1. Nominal > Report Generator > Transfer Profit to Balance Sheet (option 147).
  2. Transfer from > choose 1 Yr Past > Transfer > OK > Cancel.

You've successfully transferred the profit to the balance sheet and this shows in the profit brought forward.