Opening Balances in Rise Accounting and Rise School Management

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Overview

This functionality will help you record opening balances for your customers and suppliers.

You also have an option to create source documents to list down the balances per document instead of just 1 amount.

Creating Opening Balances

There are several ways to create opening customer/supplier balances.

The first way to create opening balances:

  1. Go to Accounting > Opening balances.
  2. Click Create.
  3. Enter a Date and a Note for your document. The Date should be the last date of your financial year.
  4. Select whether it is a document for suppliers or customers.
  5. Add a new line and enter the customer/supplier name.
  6. Enter the Date, Number, and Amount of the original document.
  7. Enter the remaining Balance to be paid.
  8. The Source document should be empty and the system will generate the document automatically after posting.
    • For customers, it will be a Tax invoice.
    • For suppliers, it will be a Supplier invoice.
  9. Click Post.

After you post it, it will automatically create the source document and record in the customer/supplier ledger.

If it is a customer credit, make sure you put a – sign before the amount. Example: -200.

If it is a supplier debit, make sure you put a – sign before the amount. Example: -300.


Opening balances.png


The second way to create opening balances:

  1. Go to Accounting > Opening balances.
  2. Click Create.
  3. Enter a Date and a Note for your document. The Date should be the last date of your financial year.
  4. Select whether it is a document for suppliers or customers.
  5. Click Fill in counterparties. This will bring all your suppliers/customers into the system.
  6. Enter the Date, Number, and Amount of the original document.
  7. Enter the remaining Balance to be paid.
  8. The Source document should be empty and the system will generate the document automatically after posting.
    • For customers, it will be a Tax invoice.
    • For suppliers, it will be a Supplier invoice.
  9. Click Post.

The third way to create opening balances:

  1. Go to Accounting > Opening balances.
  2. Click Create.
  3. Enter a Date and a Note for your document. The Date should be the last date of your financial year.
  4. Select whether it is a document for suppliers or customers.
  5. Click the Pick button, and it will give you the list of the suppliers/customers to be added.
  6. Select the counterparties you need and click Select.
  7. Enter the Date, Number, and Amount of the original document.
  8. Enter the remaining Balance to be paid.
  9. The Source document should be empty and the system will generate the document automatically after posting.
    • For customers, it will be a Tax invoice.
    • For suppliers, it will be a Supplier invoice.
  10. Click Post.

Importing Opening Balances

To importing Opening balances from external file:

  1. Go to Accounting and select Opening balances.
  2. Click Create.
  3. Enter a Date and a Note for your document. The Date should be the last date of your financial year.
  4. Select whether it is a document for suppliers or customers.
  5. Click Import balances > Read from file > Select from disk and choose your spreadsheet.
  6. Match the spreadsheet columns with the attributes in the system. For example:
    • Code is in column two.
    • Description is in column one.
    • Balance is in column three and so on.
  7. Click Next. If the cells in the Counterparty column are empty, that means the system didn't find these customers. The credits are indicated by red colour.
  8. Click Import.
  9. Click Post and close.

An alternative way to access Opening balances import functionality is to go to Quick menu > Getting started and select Supplier/Customer opening balances under Enter opening balances section.