Setting Up Opening Balance

2.0. Opening GL

Opening GL

As you have not started your business yesterday, you are already operating with balances in your accounts. These need to be brought forward to system.
Note: Opening Entry does not have to be completed entirely in one sitting.
Opening Entry can be done for GL, outstanding documents, and Inventory in different sittings; Opening GL can also be performed in several batches of accounts.

Alert
STEPS:
  1. First you have to decide on a DATE to start using OCi System. 
    E.g. 1st Jan 2025
  2. Next, workout the Trial Balance from beginning of your financial year.
    From 1st Jan 2024 to 31st December 2024 or
    Balance Sheet as at 31st December 2024
  3. Click ADJUSTMENT activity
  4. Click OPENING GL module
  5. Click NEW
  6. Entering the Trial Balance items
    EXCEPT for Debtors, Creditors & Stock Accounts.


Reference the figures of the Trial Balance to enter the Debit/Credit balance of every account, except for Trade Debtors, Trade Creditors and Stock accounts.
If users are performing Opening Entry after having passed the decided Opening Date, any existing documents/entries dated past the Opening Date has to be manually entered.

Note

  1. Following your Trial Balance report, enter an Account and its Debit or Credit balance for each row.
  2. ​If your company accounts have been tracking Expenses, Costs, and Incomes by Projects; and have decided to continue doing so using Job Codes, you may find yourself having to enter one line per project for certain Expense, Cost, and Income accounts.
  3. If your company accounts have been tracking individual Expenses, Costs, and Incomes of each projects by separating them into individual sets of accounts for each project, you need not further separate them by Job Codes unless you want to merge those accounts.

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