Entering Customer and Supplier Opening Balances

Entering Customer and Supplier Opening Balances

Prerequisites

To carry out this process, you will need to already have or need to create the two new nominals below. These nominals can be created using the guide here, Create Nominal Accounts and the details specified below.
  1. Customer Opening Balance (Description)
    1. Use Nominal Code CUOB
    2. System Type: Customer Opening Balances
    3. Account Type: Company
  2. Supplier Opening Balance (Description)
    1. Use Nominal Code SUOB
    2. System Type: Supplier Opening Balances
    3. Account Type: Company

How to Enter Opening Balances into Khaos Control Cloud

  1. Go to [Accounts | Trial Balance].
  2. Click the Actions button and select Enter Opening Balances.
  3. Click the Company field.
    1. In the popup search for and select the customer / supplier to which this entry relates.
    2. Click the Select Items button.
  4. Enter the code for this opening balance invoice - the default is OB.
  5. Enter the opening balance in the Amount field.
  6. Enter the date this amount is to be registered against.
  7. In the Nominal Code field choose:
    1. Customer Opening Balance - They owe you money.
    2. Supplier Opening Balance - You owe them money.
  8. Change the Credit Note to green if  you owe the customer or your  supplier owes you.
  9. If the Tax Rate  is not standard (default) then select the correct rate.
  10. Change the Post Tax to green if you wish the VAT to be entered on the Tax Register in KCC, or if you have accounted for the VAT on your current system then leave the toggle as red.
  11. Enter the Currency this OB is to be posted in.
  12. Click Post Transaction.
  13. Repeat steps 2 to 12 for each customer and supplier requiring an opening balance.

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