Opening Balance - General ledger        

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This topic require you to have fairly good accounting knowledge. You may want to seek your accountant or our support team for assistance.

 
If you are a new start-up, there is no opening balance to be brought forward, you can ignore this topic.

 
If you have an existing or on-going business (not a new start-up), you need to decide on a cut-off date to transfer your General ledgers accounts balances over from your current system (current software or manual accounting figures) to the new Realtimme Cloud system.

 

Example : You signed up Realtimme Cloud in May 202X, your financial year begin from Jan to Dec. You are already 5 months into your current financial year. You want to start using Realtimme Cloud soonest possible. We would recommend that you have a cut-off date as at July 202X.

 

It is important to plan your cut-off date carefully, as from the date of purchase of the new software (May 202X) to the completion of implementation phase to the date of going live  (July 202X) will have an impact on the overall successful cross-over to a new system.

 

To Enter GL Opening Balances

You can start using your new accounting system at different time of your business

 

Scenario 1: You are a new startup and all your accounting records are starting from zero
   No accounting opening balance need to be entered , you can skip this chapter

 

Scenario 2: Your company started in Year 202X and last audited accounts was as at 31st Mar 202X

 

Scenario 3: Trial Balance from your current software b/f to Realtimme cloud in June 202X


 

Related Topics

Opening Balance - Customer (Accounts Receivables)

 

Opening Balance - Supplier (Accounts Payables)

 

 

 

Opening Balance - Unpresented cheques

 

 

Watch all videos:

Realtimme Training Portal

http://realtimme.cloudapp.net/basic/index.html?Opening_Bal_GL.htm