Hoe do I record an opening balance sheet?

Disclaimer

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

Only a user with a ‘Back office’ role in the domain or the ‘External accountant’ role can enter the opening balance sheet in the administration.

To create the opening balance sheet for the first financial year in Yuki, you need to enter the closing balance sheet for the previous financial year. This can only be done in a special ‘Opening balance sheet’ general journal entry (document type ‘Opening balance sheet’).

You can enter a opening balance sheet from different places in Yuki:

• Open the documents to be processed workflow and for the uploaded opening balance sheet select the Opening balance sheet document type
  
  
  
• Hover your mouse over the Financials icon in the navigation bar, click on General journal  and then in the now-opened screen click on the Opening balance sheet button and finally specify how you want to create the opening balance sheet.
  
  
  

This general  journal entryl has some special features:

• You can only use a date before the start date of the first financial year in Yuki.
• You can't use revenue and cost accounts, after all income statements are not allowed
• You can't post directly to GL accounts from a bank account or petty cash.

In practice, you create several opening balance sheet entries:

• Entering or importing the trial balance sheet of the last financial year. The balance of each bank account should be posted to ‘11099 Suspense account opening balance banks’.
• Outstanding items debtors. Demands for payment can NOT be sent on outstanding items! If you wish, you must provide the outstanding items from the opening balance sheet as documents.
• Outstanding items creditors
• Enter detailed investment statement (asset statement). If you want to use the asset statement, you must enter the opening balance sheet broken down and enter assets on the first date on which they have already been depreciated.

The accounts below are often temporarily replaced by the following suspense accounts when entering an opening balance sheet:

• 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
  (after this, you can further detail the assets in a separate general journal entry)
• Depreciation -> 02999 Suspense account opening balance assets
  (You can enter the depreciation per asset later through the asset statement).

Yuki automatically uses the above suspense accounts in the following situations:

• When you enter a opening balance when creating a bank account or credit card account.
• If you enter an invoice with a date before the start date of the first financial year in Yuki
• If you enter an amount of depreciation on the opening balance sheet on a line of the asset statement.

Only entries with a date before the opening balance sheet can occur on the suspense accounts in the opening balance sheet.

Import closing balance sheet

You can also import a closing balance sheet. This works the same as importing a normal general journal entry. However, please note that if you use a date before the start date of the first financial year in Yuki, you will automatically create an opening balance entry and therefore you are not allowed to use a revenue and cost account, nor can you use bank accounts or petty cash.

For a detailed desccription, see article Import general journal / financial transactions.

Enter opening balance of bank account

You cannot enter the opening balance of a bank account via an entry in the opening balance sheet. To get the balance into the correct account in Yuki, proceed as follows:

• Enter the balance of each bank account that appears on the previous financial year's balance sheet into the account '11099 Suspense account opening balance banks'.
• Hover your mouse over the Bank icon in the navigation bar and then click on Bank accounts to create each bank account the company has.
• Enter the appropriate balance for 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 then be automatically reversed to the '11099 Suspense account opening balance banks'.