Enter opening balance

Modified on Mon, 08 Apr 2024 at 04:43 PM

Disclaimer

All screenshots in the article were taken in the Dutch version of Yuki.


For each administration a 'first' financial year is specified when configuring the settings of an administration. This is the first financial year of which Yuki will keep the financial records. To prevent errors when using Yuki it is not possible to record entries with a date prior to the start date of that first financial year. This financial year can only be changed if there are no transactions processed in that year.


In Yuki, the starting position of an administration must be entered to show an accurate view of the administration.


Only a user with a 'Back office' role in the domain or the 'External accountant' role can enter an opening balance in an administration.

 

You have to enter the closing balance of the previous financial year in order to create the opening balance of the first financial year in Yuki. So this can only be done in a special general journal 'Opening balance sheet' (document type 'Opening balance'). 


You can enter an opening balance from different places in Yuki:

  • Open the domain and then click on the Document(s) icon. Select in the now-opened the documents to be processed workflow screen document type Opening balance sheet for the uploaded opening balance


  • Hover your mouse over the Financials icon in the navigation bar, click on General journal and then click on the Opening balance sheet button in the now-opened screen and specify how you want to create the opening balance.


This general journal has a few special characteristics:

  • You can only use a date prior to the start date of the first financial year in Yuki.
  • You cannot use revenue or cost accounts because profit and loss accounts are not allowed.
  • You cannot record an entry directly on ledger accounts of a bank account or cash.


ATTENTION!

It is not allowed in Yuki to post transactions in the opening balance sheet to the following general ledger accounts:

  • 09999 Result current financial year
  • 23010 Account unknown
  • 23020 Unclear transactions.

Enter opening balance

In practice you have to create several opening balance entries:

  • Create (as document type 'Opening balance') or import the trial balance of the last financial year. (The opening balance of each bank account should be recorded on '11099 Suspense account opening balance banks')
  • Outstanding debtors. (NO demands for payment can be send based on the outstanding balance! If you want to send demands for payment you have to submit the account balance of customers and suppliers stated in the opening balance as documents)
  • Outstanding creditors
  • Enter a detailed statement of assets. (If you want to make use of the statement of assets you have to enter the opening balance split up and record the assets on the first date upon which it was already depreciated). 


When entering an opening balance the ledger accounts below are often temporarily replaced by the following suspense accounts:

  • Debtors (Customers) -> 13001 Suspense account opening balance debtors
  • Creditors (Suppliers) -> 16001 Suspense account opening balance creditors
  • Bank accounts -> 11099 Suspense account opening balance banks
  • Intangible and tangible fixed assets -> 02999 Suspense account opening balance assets
    (hereafter you can further specify the assets in a separate general journal)
  • Depreciations -> 02999 Suspense account opening balance assets
    (The depreciations of each asset can later be entered through a statement of assets).


Yuki will use the above suspense accounts automatically in the following situations:

  • if you enter an opening balance when creating a bank account or a credit card
  • if you process an invoice with an invoice date prior to the start date of the first financial year in Yuki
  • if you enter an amount of depreciation stated in the opening balance as a line of the statement of assets.


On the suspense accounts of the opening balance only entries can be recorded with a date prior to the opening balance.


Import closing balance

You can also import a closing balance. It works the same way as importing a normal general journal entry.  Pay attention to the fact that if you use a date prior to the start date of the first financial year in Yuki, an opening balance will be created automatically and so you cannot use a revenue or cost account or bank accounts or cash.


ATTENTION!

It is not allowed in Yuki to import a closing balance sheet in which transactions have been posted to the following general ledger accounts:

  • 09999 Result current financial year
  • 23010 Account unknown
  • 23020 Unclear transactions.

Enter opening balance of bank account(s)

You cannot enter the opening balance of a bank account through a entry in the opening balance. In order to enter the balance on the correct account you can proceed as follows:

  • Enter the opening balance of each bank account as stated in the trial balance of the last financial year on ledger account '11099 Suspense account pening balance banks'.
  • Hover your mouse over the Bank icon in the navigation bar, click on Bank accounts and then click on the Create a new bank account button in the now-opened screen to create all the corporate bank accounts of the company.
  • Enter the correct opening balance of each bank account in the Opening balance field (balance on the last date before the start of the first financial year in Yuki). That balance will be reversed automatically on '11099 Suspense account opening balance banks'.


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