Overview:

To confirm that your Profit & Loss Reserves on the Balance Sheet are reconciled with the closing balance from your previous accounting application, follow these steps. If you have imported open Sales Invoices to create opening balances for your customers or open Purchase Invoices for your suppliers, a calculated Profit balance will be visible on your Trial Balance and Balance Sheet. To reconcile this opening Profit & Loss Reserves with the closing balance from your legacy accounting application, start by locating the current balance of the Profit & Loss Reserves account (e.g., account 4110) as of the first date you use Zumzum Financials or the same date as the previous opening balances. Subtract this figure from the closing balance of your legacy accounting application, then add the Opening Balance entry for the Profit & Loss Reserves account. Detailed instructions on adding an Opening Balance entry are provided to assist you in this process.

Description:

Entering an Opening Balance for Profit

How do I confirm my Profit & Loss Reserves on the Balance Sheet is reconciled with my closing balance from my previous accounting application?

If you have imported your open Sales Invoices to create opening balances for your customers or open Purchase Invoices to create opening balances for your suppliers, you will see an existing calculated Profit balance on your Trial Balance and Balance Sheet.

To reconcile the opening Profit & Loss Reserves with your closing balance of your legacy accounting application, please follow the steps below.

Resolution:

Entering an Opening Balance for Profit

To reconcile the opening Profit & Loss Reserves with your closing balance of your legacy accounting application, please follow the steps below.

• Firstly find the current balance of the Profit & Loss Reserves account (for example 4110) at the first date you use Zumzum Financials or same date as the previous opening balances.
• Deduct your figure from Step 1 from the Closing Balance of your legacy accounting application.
• Then, please add your Opening Balance entry for the Profit & Loss Reserves account (for example 4110).
  • Here is how to add an Opening Balance entry.

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