Adding Opening Entries

Adding Opening Entries to a new set of books is normally done once. In NewViews the simplest way is to enter opening balances on each of the

• general ledger accounts, i.e. banks, prepaid expenses, liabilities, etc
• individual customer and vendor accounts
• income statement accounts (final balance of prior period)
• prior period retained earnings

Here is a quick method of creating the opening entries using the budget view.

Amounts can be entered on blue tables of accounts in the budget journal for a single period and then moved to a financial opening entries journal.

1. Set the blue table of accounts or the report to the budget view.
2. Set the ending date in the first amount column to the opening balance date, e.g. Dec 31, 2009
3. In the second column "budget" enter the balance of the account as at the opening balance date.
4. Go to all necessary accounts or reports and enter all balances.
5. Go to the root general journal and create a new opening entries journal with partition tag financial.
6. Go to the budget journal and place the cursor on the Journal column of the transaction.
7. Press <F3> to move the budget transaction to the new opening entries journal. (see screen shot below)
8. Go to the Opening Entries journal and replace the comment "budget" with "opening balance".
9. Replace the cross account "budget_balance" with "journal_bal".