Step 11. Creating Opening Balances

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Overview

When you switch to 1C:ERP from another business management tool, you might have business records showing:

  • Cash or bank accounts balances.
  • Outstanding debt of loans and deposits.
  • Outstanding receivables or payables.
  • Stock balances.

If you have such records, enter them in the system as opening balances. If the company starts using the infobase from the moment of its creation, the opening balances entry is not required.

Note: For accurate accounting, ensure that the date of entering opening balance is earlier than the start date of the current accounting period. This is usually the end of the previous year or quarter.

Creating OB

To enter company initial balances:

  1. Go to Master data and settings > Initial filling > Documents for entering opening balances.
  2. Select the type of document you want to create under Cash, Advance holders, Partners AR/AP, Goods, Other, or Previous period results.
  3. Fill it in with the required data. See the details below.

Creating Opening Inventory Balances

To enter company initial balances:

  1. Go to Master data and settings > Initial filling > Documents for entering opening balances.
  2. Under Goods, select OB entry: cost of owned inventory in our warehouse and click Create.
  3. Enter the end date of the previous accounting period.
  4. Fill in the Company, Warehouse, Business unit, and Manager.
  5. In the Lot field, create a source Purchase from vendor document with the Currency, Amounts, and other details.
  6. If prices include VAT, select the Price includes VAT checkbox.
  7. Add the Items, and their Quantities, Prices (in the document currency specified in the Lot), and Vat rate. The system will calculate the Amounts in the document currency and in local currency.
    • To import items from file:
      • Click Import from external file.
      • Copy columns from you Excel file to the system table and click Next. Note: at least one of the following columns is required: Barcode, Code, Item ID, or Items.
      • Map the imported data with the system data if necessary.
      • Check the data and click Move and close.
  8. Click Post and close.

To view changes in inventory balance, navigate to Warehouse and Delivery > Warehouse reports > Stock availability.

Creating Bank Account Balances

To add bank account balances:

  1. Go to Master data and settings > Initial filling > Documents for entering opening balances.
  2. Under Cash, select OB entry: cash in bank accounts and click Create.
  3. Enter the end date of the previous accounting period.
  4. Select the Company.
  5. Click Add and specify your Bank account and Amount. The amount you add will be converted to the local and management accounting currency.
  6. Click Post and close.

To see the data affected, go to Treasury > Treasury reports > Cash statement. Here we see your balances.

Creating Cash Account Balances

To add cash balances:

  1. Go to Master data and settings > Initial filling > Documents for entering opening balances.
  2. Under Cash, select OB entry: cash in hand and click Create.
  3. Enter the end date of the previous accounting period.
  4. Select the Company.
  5. Click Add and specify your Cash account and Amount. The amount you add will be converted to the local and management accounting currency.
  6. Click Post and close.

To see the data affected, go to Treasury > Treasury reports > Cash statement. Here we see your balances.

Creating Counterparty Balances

For settlements with customers, you can create the following documents:

  • OB entry: customer receivables. Records your customer's debt and increases your accounts receivable.
  • OB entry: unmatched prepayment from customer. Records the fact that you got money in advance from the customer and registers your debt to the customer. This document increases your accounts payable.

For settlements with vendors, you can create the following documents:

  • OB entry: vendor payables. Records your debt to the vendor and increases your accounts payable.
  • OB entry: unmatched prepayment to vendor. Records the fact that you paid money in advance to the vendor and registers vendor’s debt to your company. This document increases your accounts receivable.

Creating Customer Receivables

To create the OB entry: customer receivables document:

  1. Go to Master data and settings > Initial filling > Documents for entering opening balances.
  2. Under Partners AR/AP, select OB entry: customer receivables and click Create.
  3. Enter the end date of the previous accounting period.
  4. Select the Company.
  5. Click Add and specify the Customer, Counterparty, AP/AR object type, AP/AR object, AP/AR document, and Debt. The system will calculate the debt in the local and management accounting currency.
  6. Specify the Payment date. If the payment date has already passed, the system will create an outstanding debt.
  7. Click Post and close.

Creating Vendor Payables

To create the OB entry: vendor payables document:

  1. Go to Master data and settings > Initial filling > Documents for entering opening balances.
  2. Under Partners AR/AP, select OB entry: vendor payables and click Create.
  3. Enter the end date of the previous accounting period.
  4. Select the Company.
  5. Click Add and specify the Vendor, Counterparty, AP/AR object type, AP/AR object, AP/AR document, and Debt. The system will calculate the debt in the local and management accounting currency.
  6. Specify the Payment date. If the payment date has already passed, the system will create an outstanding debt.
  7. Click Post and close.

Creating Unmatched Prepayment from Customer

To create the OB entry: unmatched prepayment from customer document:

  1. Go to Master data and settings > Initial filling > Documents for entering opening balances.
  2. Under Partners AR/AP, select OB entry: unmatched prepayment from customer and click Create.
  3. Enter the end date of the previous accounting period.
  4. Select the Company.
  5. Click Add and specify the Customer, Counterparty, AP/AR object type, AP/AR object, create the AP/AR document, and Advance. The system will calculate the advance in the local and management accounting currency.
  6. Click Post and close.

Creating Unmatched Prepayment to Vendor

To create the OB entry: unmatched prepayment to vendor document:

  1. Go to Master data and settings > Initial filling > Documents for entering opening balances.
  2. Under Partners AR/AP, select OB entry: unmatched prepayment to vendor and click Create.
  3. Enter the end date of the previous accounting period.
  4. Select the Company.
  5. Click Add and specify the Vendor, Counterparty, AP/AR object type, AP/AR object, create the AP/AR document, and Advance. The system will calculate the advance in the local and management accounting currency.
  6. Click Post and close.

To see the data affected, go to Summary accounts payables and receivables report (enter the report name in the search string).

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