The Opening Balance option in Core allows you to specify an opening balance for an existing or older project. It is an alternative to creating historical manual invoices for projects migrated from another system to Core. All your income is sent to the default income account. However, if you want to specify details and accounts for different items, you should then use the Invoices > Manual Invoice screen or create General Journal entries for it.
You need the following information before entering the opening balance in Core:
- Start date and other values from the trial balance, balance sheet and income statement
- Most recent bank statement
- Checks and deposits outstanding on or before your start date (net cleared)
- Unpaid bills (vendor bills), open invoices and value of inventory
To enter or edit opening balance for a project:
- Open the Projects screen from the main menu > Projects.
- In the list view, click on a project row and select View Details.
- In the detail view, click Actions > Opening Balance.
- On the Opening Balance dialog, enter the required information:
Balance as of date: This is the 'up to' date of the historical data that is being entered here. It represents the date of the opening balance.
Payments, Discounts and Retainers
- Click Create. The opening balance is added to the project accounts.