Note: Customers for whom there is an opening amount due must be set up before the entering of opening balances within setup > add/ amend customers.

Setup>Opening Customer Balances 

Date                                                                     

Enter the date the opening balances relate to i.e. the last day of the last financial period.  For example, if the user is starting to use Thesaurus Accounts from 01/01/2022, the opening balance date will be the last day of the prior period 31/12/2021. The date is automatically copied in from the Opening Balance Date setup with Company Details.  This date may be amended if required.

Customer Names                       

The full list of Customers set up under Add / Amend Customers is shown. Additional Customer names cannot be set up within this screen, you must revert to the Add / Amend Customer screen.

Total Balance                  

The amounts which any Customers owe you at the Opening Balance date are entered here by the Customer.  A total balance for any such Customers must be entered, it is then optional if you would like that balance aged.  A total balance must be entered, the ageing balances cannot be filled in on their own.

 If there are any errors in the figures entered which are noticed before exiting the screen, simply click back into the box and edit the amount.

Post Entries                                            

Post entries, when ready.  

For Example:

• Joe Bloggs Ltd owes the business €1,000 as of the Opening Balance date, 31/12/2021
• €200 of this debt relates to October sales
• €500 relates to November sales
• A balance of €300 relates to December sales

The Entry on the screen will be:

Once posted the automated entry recorded within Thesaurus Accounts will create the following transaction entries:

There is no entry about the VAT element of the Opening Balances as it is assumed that the VAT element of the sales was already accounted for in the prior financial period. Therefore if there is any part of a balance that the VAT element has not been included in a VAT return then the total balance must be reduced by the gross element and an invoice posted to capture the VAT element and to include the VAT element in the next VAT return.

Note: It is not compulsory to split the balance across the opening balance and older periods.  The total balance due can be simply entered under the total balance. Going forward each transaction entered will be assigned a transaction date so that the program will automatically age the balances hereafter.