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Opening balances represent the financial position of your business on the day you start using TASBooks. With accurate opening balances the financial statements you produce using TASBooks give a true picture of your financial position.
Before you can enter your opening balances into TASBooks, you must have the following:
Once you have this information you're ready to enter your opening balances.
If you use a Standard VAT scheme, enter the gross amount of the invoice.
If you use VAT Cash Accounting scheme, enter the net amount.
If you use the Standard VAT scheme, enter O.
If you use VAT Cash Accounting, enter the relevant VAT rate.
Nominal ledger opening balances are that don't relate to your customers, suppliers or bank accounts, for example, depreciation or rent.
Tip: To look up the nominal account, press F2.
Check the values agree with your trial balance from your previous system and balance on account 9999 should now be zero.
You only need to follow these steps if you entered opening balances in the previous financial year.