Manage Accounting Opening Balance

Our accounting system Netiquette AMS does not link year 2017 balance (closing) figure automatically in year 2018 opening balance.

So we will have to edit ourselves.

For this section we will manage opening balance with 2 different computers. As Netiquette only allows us to sign in year 2017 in one computer and year 2018 requires another computer.

  1. Prepare 3 items.
  2. Sign into year 2017 AMS, open up Balance Sheet as at 31 Dec 2017
  3. Prepare the audited 2017 financial statements.
  4. Sign into year 2018 AMS, using a different computer, go to Account Setup >> Balance and Figure

1. Make sure year end 2017 balance sheet has the same amount as “as per client”

Refer to audited balance sheet. one column would be as per client, while the other one is final audited. We want to follow the one “as per client”.

Make sure the 2017 balance sheet is the same as ‘as per client’. In normal case it would be the same. Now we assume all the figures are exactly the same as ‘as per client’. We can proceed to the next.

2. Transfer year 2017 to year 2018 opening balance manually

What we need is refer to the code in 2017.

  • Hidden account codes

Now let say we are going to check 2018 opening balance for Trade and other Receivables. There are 3 amounts now. RM252 in as per client, RM252 as well in 2017 balance sheet, RM0.00 in account opening.

If this is the case, click into year 2017 figure (it would be highlighted in blue, clicking on it will bring you to another page. The next page comes out a 50 entries with different account. To give an example, trade and other receivables will usually bring you to a list of 50 different customers’ account. Each of this account code add up will be RM252. So now by referring to year 2017 50 customers code, you need to key in 50 times according to codes in opening 2018. It was quite some work, instead of one single account that you can key in RM252. Usually most account will have the same figures in 2017 already.

  • account code is visible on balance sheet

In another case, ‘as per client’ shows accrual charges RM50. But in year 2018 opening there is only 40. But on the 2017 balance sheet, you can see there’s an account Accrual insurance RM10. Then your logical sense will tell you this RM10.00 will add up to the total RM50. Then in 2018 you only need to find these 2 account code and key in.