How To Setup A Opening Balance In Bullets Business Accounting Online

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Q: How To Setup A Opening Balance In Bullets Business Accounting Online?

Morning gents,
6 months late, but am trying to set-up opening balances from 010114 when I started using bullet, however when using manual journal entry I can’t process the opening balances as it  -rightly- states the entry’s don’t balance so to speak. Then I found that in bank statements you can enter the opening balance, which I have done, but this does not seem to change the actual opening value on the ledger…….I must be doing something fundamentally wrong, but could you provide any guidance how to enter these things please?

Cheers,

Richard

  1. Peter Connor May 26, 2014
    Hey,

    I'll come back to you on this today. I just need to check something.

    Pete

1 answer

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Brendan_Brady ⋅ Community Accountant - Brady Associates May 26, 2014
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Hi Richard
The opening balance per the bank statement and the opening balances via journal entry are two separate functions. The balance needs to be entered in both places as follows:

  1. Post the opening balances as a manual journal entry (including the opening bank balance) making sure the debits and credits are the same.
  2. Enter the opening balance per the bank statement (which you have done).

The reason for entering the bank balance in the bank account menu is for reconciliation purposes only, where as the journal entry ensures that your trial balance is correct. They are two separate functions but the two balances should also match.
 
Brendan
 
 
 

#answer-526
  1. Peter Connor May 26, 2014
    Tks Bren.
  2. Zconcept May 26, 2014
    Thanks Brendan,
    But maybe a silly question, what ledger will I use to balance the opening balance entries? You can tell I am not an accountant, can you :-)

    ie.

    Bank €12345 (debit), ???? €12345 (Credit)

    Richard
  3. Brendan_Brady May 26, 2014
    No Problem.

    The credit goes against Retained Earnings in the Equity category.

    Brendan

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