Opening Balance - Trial Balance

Top  Previous  Next

Assuming you want to cut-off your accounts mid-way of your financial year. Last audited year end was 31st Dec 2019.

Please get ready your trial balance to enter your GL Opening balance (as at 30th June 2020)

You decided to start mid way 1st July 2020 accounts in Realtimme Cloud whereas the first half of the accounts from 1st Jan 2020 to June 2020 was done and kept in the previous software.

 

For illustration purpose, your financial period [20] will be from 1st Jan 2020 to 31st Dec 2020

 

                                 

: Transfer Trial balances from previous system to Realtimme  

 

Alternatively ...Use excel template to import trial balance

 


At [A/C Entry], click [G/L Journal]

 

 

 

Click [Add]

 

 

 

 

Trial Balances (Balance Sheet + Profit & Loss items) as at 30/06/2020 printed from the previous software is as follows : -

 

        Trial Balance as at 30th June 2020

Dr

Cr

Bank – OCBC (SGD)

2,000.00

 

Bank – OCBC (USD) 1,000.00 @1.400

1,400.00

 

Share Capital

 

 3,750.00

Trade Debtors Control

14,450.05

 

Trade Creditors Control

 

12,350.00

Closing Stocks (30/06/2019)

3,491.50

 

Accruals

 

2500.00

Unappropriated Profit / Loss

8,074.20

 

Sales

 

35,000.00

Opening Stock  (01/1/2019)                  

1,249.00

 

Purchases  

18,848.20

 

Closing Stock (30/06/2019)

 

3,491.50

Expenses ( Rental, Salary, admin, general , etc….)

7,578.55

 

 

                                                                                                             57,091.50                         57,091.50

 

The entry will appear as per below.

 

 

Note: Opening stock (01/01/2020), line item 10, is meanwhile, posted to contra account below as this  account is to be reflected on 1/1/2020.
       
        You cannot post the Opening balance dated 30/6/2020, it will not appear as Opening stock when you print Year-To-Date Profit report.
        (See FAQ below)

       

        Dr Contra on the 30/6/2020 and Cr Contra on the 1/1/2020 will cancel off and Stock Opening

        Balance will be reflected in the correct date of 1/1/2020

           

 

 

See FAQ: Opening stock never appear in Profit & Loss

 


 

Related Topics

 

 

 

 

 

 

 

Watch all videos:

Realtimme Training Portal

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