If you had a different accounting system before Reviso, you will need to enter your opening balances. These are the closing balances from your previous accounting system.
Take a look at our video tutorial:
The closing balance made in your previous system will become the opening one in Reviso. Before making any entry, we advise you to have a look at the main settings of your account.
The following information will serve you to create an opening balance step by step.
STEP 1 – Creating accounting years
The opening balance is automatically created by Reviso when closing the previous accounting year. Therefore, the opening balance starts with the end of the closing balance. Reviso creates the opening balance automatically in the same year as you start with Reviso. Example: We are going to start using Reviso in 2017. The first step is to create our accounting years. We will create the following: 2016 and 2017.Go to Settings > All Settings > Finances > Accounting years, and register the accounting years we previously defined.
STEP 2 – Opening balance
It is necessary to introduce the opening balance starting from the last day of the previous accounting year, in our case December 31, 2016.Go to Finance > New entry and once you create it, click on Save.
We will also add an account with customers, who are grouped under the same account, for example under the number 1100. We will do the same with all the pending balances of our suppliers.
STEP 3 – Distribution of customer and supplier balances
The next step is to assign to every customer and supplier their balance, so we can keep track of how much we need to get or pay to each one of them. Keep in mind that for the distribution of balances is necessary to have already created customers and suppliers. It is also possible to create them on the fly. Go to Sales > Manual Invoices > Manual Invoices > New manual invoice. Fill in the blanks with the corresponding data:
Customer: Select a customer from your list to allocate his / her opening balance.
Invoice: Add the number 0 as the invoice number, since it is an entry from 2016, which was already closed.
Date: last day of the previous accounting year, which is the same as the day of starting with Reviso. In our case, it is 31.12.16.
Total amount: pending amount of the customer.
Customer account: This field is automatically filled in by selecting your customer from the list.
Finance Account: Select the group of customers used in the opening balance of Step 2. In our case, it is the number 1100.
Click on Save.
This procedure targets customers that have a pending balance, which appeared in the opening balance of your previous system. The same procedure follows in the distribution of supplier balances. Go to Suppliers > Supplier invoices > New manual invoice.
STEP 4 – Close the accounting year
Reviso recommends you to save all your entries with the Save button instead of Book button.
When you are done with the previous steps, go to Reports and check through the Balance module that the data you entered is correct. Once you have verified that, return to the entries and count them. Subsequently, go to Settings > All Settings > Finances > Accounting years, and close the accounting year of 2016.
Once you close your accounting year, Reviso will automatically create the opening balance on January 1, 2017, where you can continue working and introducing new entries.