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Setting up Opening Balances

Unless you are a new business, if you have transferred from another accountant or software to Clever Accounts then you will probably need to enter opening balances.

These opening balances are important to enter as otherwise you may end up duplicating income and expenditure in different year or your accounts may not balance correctly.

Opening balance may include: bank balances, customer accounts (known as "Trade Debtors"),supplier accounts (known as "Trade Creditors" and other money owed to HMRC for taxes due.

Add Bank Balances

Firstly, you should ensure you have added all bank accounts to Clever Accounts.

When adding a new bank account, enter the opening balance and date into the fields provided as above.

Remember, the balance is the cleared balance as of the start date of when you are transferring to Clever Accounts.

Enter all opening balances relating to any bank, credit, cash or loan account you may have

Trade Debtors & Creditors

Enter any invoices that are outstanding (e.g. that haven't been paid) as of the start date of using Clever Accounts.

Create the customer or supplier within the contacts page firstly.

Add any invoices that remain outstanding as of the start date of using Clever Accounts.

You need to ensure the following

  • Either enter the date of the original invoice or the start date of when you started using Clever Accounts.
  • Allocate the invoice to "Debtors Control Account" (if the invoice relates to a customer) or "Creditors Control Account" (if the invoice relates to a supplier).
  • Do not include VAT on any invoices you enter and make sure you enter the gross (including VAT) amount.

Then, when payments are made, you can simply pay off the invoices.

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