Opening Entry and Checking

Opening Entry and Checking

Purpose of Opening Entry and when to do it


Once the database has been handed over to your company, users may begin to perform Opening Entry for your company accounts.

The purpose of Opening Entry is to:
  1. Bring forward operating balances into system accounts
  2. Bring outstanding documents (Invoice & Supplier Invoice etc.) into the system
  3. Match up system Inventory with your company's inventory
The date which you should complete Opening Entry by is the date which you need the above to be in place.

Users have discretion as to which Opening to complete first, depending on which report(s) are required sooner.
  1. Opening GL for Profit/Loss reports
  2. Opening Stock for Inventory reports (and document entry with stock output)
  3. Opening Invoice & Opening Supplier Invoice for AR/AP reports and creating Payment/Receipt Vouchers
  4. Financial Reports like Balance Sheet and Trial Balance require all Opening Entry to be completed before being ready for use
 
Note that users may decide to begin document entry before Opening Entry is completed.
Existing Stock Qty is required to create any documents which cause stock output of Inventory Items, such as:
  1. Delivery Order, Invoice, Stock Adjustment; Debit Note and Supplier Credit Note with "Adjust Inventory" toggled.

You must decide on a date for the Opening Entry.
The decided date will be the post date of all Opening Entry documents, not necessarily the date which users perform Opening Entry.
Ensure that the selected period has been audited and closed.

Once the Opening Date has been decided, generate a Trial Balance report of your previous accounting system dated 1 day earlier than the Opening Date.
If you are using SAM's Inventory system as well, also generate a Stock report dated 1 day earlier than Opening Date.
Opening Entry will be performed with reference to this Trial Balance report (and Stock report).


Opening Entry can be performed using modules at Adjustment > Openings



Before making any Opening Entry, ensure the correct Opening Adjustment account has been set at Company Registration.





Opening Adjustment Check

The Opening Adj. Check module is for checking that the Opening Entry has been completed correctly.

Ensure that the following amounts match up:
  1. Opening Invoice total with Trade Debtors account(s)
  2. Opening Supplier Invoice total with Trade Creditors account(s)
  3. Opening Stock with Stock/Inventory account(s)

To check that you have correctly entered your opening, the Total amount added up from each opening must equate to "0".
If the Total is not zero, that means the entries are not balanced, the system will automatically post it to your Opening Adjustment account.

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