In this guide, we will show you how to add EPA Opening Balances within the Finance Module.
Access: The minimum permissions required to access Ledger Groups and Codes and Journals are found in the Finance Module of Config>Setup>Roles & Permissions.
To begin, go to Module>Finance>Maintenance>Ledger Groups and Codes
Review the Ledger Codes to establish if EPAOPENB and OLDYRBAN are set up in the system. If they are present proceed to adding the Opening Balance Journals.
To add the Ledgers, click on Add Ledger Code.
Enter Ledger Code – EPAOPENB, Ledger Description – EPA Migration Opening Bal 1st Yr, Ledger Type – Asset, Ledger Group – BAL and click Save.
Repeat to add Ledger Code – OLDYRBAN, Ledger Description – Unrepresented Cheque/Income, Ledger Type – Liability, Ledger Group – BAL and click Save.
To add the Opening Balance Journals, go to Modules>Finance>General Ledger>Journals.
Click on + Opening Balance.
Enter the Narrative – EPA Opening Balance and click Save.
Click + Add Lines.
Select Ledger Code – EPA – EPA Bank Account, Amount – Value of Bank Statement Balance, Debit/Credit – Debit and click Save & Next.
Select Ledger Code – OLDYRBAN – Unrepresented Cheque/Income, Amount – Value of Unreconciled Transactions, Debit/Credit – Credit and click Save & Next.
Select Ledger Code – EPAOPENB – EPA Opening Migration Bal 1st Yr, Amount – Value of difference between bank balance and unreconciled transactions, Debit/Credit – Credit and click Save.
The Journal should show a balanced status.
Click Post Journal.
The Opening Balance values for the EPA Bank Account can now be Reconciled.
Go to Modules>Finance>Routines>Bank Reconciliation.
Click +Add Statement
Select EPA Bank Account, enter Statement No. 1, enter the statement date as the first day of the financial year, enter opening balance statement value 0.00 and enter the closing balance from statement as the Bank Statement value.
Place a tick in the reconcile box against the Opening Balance Journal.
Ensure that the running difference is 0.00
Click Save.
To record the Unrepresented Cheques, go to Modules>Finance>General Ledger>Journals.
Click on + Opening Balance.
Enter details of the Unrepresented Cheque in the Narrative and click Save.
Click + Add Lines.
Select Ledger Code – OLDYRBAN – Unrepresented Cheque/Income, Amount – Value of Unreconciled Cheque, Debit/Credit – Debit and click Save & Next.
Select Ledger Code – EPA – EPA Bank Account, Amount – Value of Unreconciled Cheque, Debit/Credit – Credit and click Save.
Click Post Journal.
Repeat until all Unrepresented Cheques are recorded.
To record the Unrepresented Income, go to Modules>Finance>General Ledger>Journals.
Click on + Opening Balance.
Enter details of the Unrepresented Income in the Narrative and click Save.
Click + Add Lines.
Select Ledger Code – OLDYRBAN – Unrepresented Cheque/Income, Amount – Value of Unreconciled Income, Debit/Credit – Credit and click Save & Next.
Select Ledger Code – EPA – EPA Bank Account, Amount – Value of Unreconciled Income, Debit/Credit – Debit and click Save.
Click Post Journal.
Repeat until all Unrepresented Income is recorded.
When all Unrepresented Cheques and Income is recorded the OLDYRBAN should show 0.00 in the Chart of Accounts Ledger Enquiry.
To check the Chart of Accounts Enquiry go to Modules>Finance>General Ledger>Chart of Accounts.
Search OLDYRBAN to view the Actuals.
