GL Opening Balance  - Balance Sheet        

Top  Previous  Next

If your company is changing the software to Realtimme Cloud system in April 2019.
 
Assuming your company's year end is 31st March of each year.
Assuming the followings are the Balance Sheet of your last audited accounts of your company as at 31/03/2019. (Note: Balance Sheet items only, no Profit & Loss item)

 

: Transfer Trial balances from previous system to Realtimme    or       Transfer Balance Sheet from previous system to Realtimme

 


Assuming below is your Balance Sheet as at 30 June 2020 (unaudited figure just to transit into Realtimme cloud, you can amend again once audited) .

 

                                                                   

                              Accounts

        Dr

  Cr

1. Furniture and Fittings

34,343.00

 

2. Accum Depn - Furniture & Fittings

 

11,450.00

3. Office Equipment

6,490.00

 

4. Accum Depn - Office Equipment

 

2,163.00

5. Bank –OCBC (SGD)

2,000.00

 

6. Bank – OCBC (USD) 1,000.00 @1.400

1,400.00

 

7. Share Capital

 

 3,750.00

8. Trade Debtors Control

14,450.05

 

9. Trade Creditors Control

 

12,350.00

10. Other creditors

 

0.00

11. Closing Stocks (31/03/2019)

3,491.50

 

12. Accruals

 

2,500.00

13. Unappropriated Profit / Loss                                

 

29,961.55

                                                                                  Total

62,174.55

62,174.55

 

You are to enter the balances into the Realtimme cloud system as Opening balances in the General ledger Journal

 


Step 1/4 : At [A/C Entry]  --> click G/L Journal

 

 

 

Click [Opening Balance] tab

 

 

Click [Add]
 

 

 

Step 2/4 : Follow the steps below [1] to [9]

 

 

               

2. It is preferred that that you enter your opening balance date on the 30th June 2020 rather than 1st July 2020.
   In case you have entries entered in 1st July 2020, it will be separated from the 30th June 2020 figures.                                                        

                   

 

Step 3/4 : Note: You need to transfer closing stock  from 30/06/2020 to Opening Stock dated 01/ 07/ 2020, as shown below.

         Dr        L-O001    Opening Stock                             3,491.50

                       Cr        D-S001    Closing Stock (Bal Sheet)                               3,491.50

 

 

 

Step 4/4 Since the Closing stock is Debit in nature, click the drop down box to select credit entry to reverse (zero) the account, as shown above.

 

The General Ledger for the closing Stock and Opening stock  will be as per below.

 

 

Go to Reports--> General Ledger --> Balance Sheet

 

Set the financial year 06/2020 to print preview to check if the brought forward figures are correct.

 

 

 

 


 
Note: Make sure that the Balance Sheet above is as per your audited accounts as at 30th June 2020.
       
To check one of the account in the GL Enquiry, example bank balance
 

 

        Back to Getting Started

 


 

Related Topics

Mid-financial year Opening balance

 

Financial Period

 

Opening balances - Customer (Debtors)

 

Opening Balance - Supplier (Creditors)

 

Opening Balance - Bank Unpresented Cheque b/f

 

Getting Started

 

FAQ : Unappropriated Profit & Loss posting not allowed

 

 

Watch all videos:

Realtimme Training Portal

http://realtimme.cloudapp.net/html/index.html?Opening_Balance_GL.htm