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New Opening Balances

If you are moving from another accounting system to Loan Performer, you may have to import all the transactions in the old database into Loan Performer so that you have a balanced record of all your previous transactions again posted in Loan Performer.

Alternatively, you may just wish to import the opening balance sheet into Loan Performer so that you disregard the old system transactions and begin afresh. In this case only the opening GL balances will be imported and posted to the relevant accounts with the corresponding double entry being made to the Opening GL Balances account:

For example:

If the opening balance for Cash is shs 1,000,000 then the entry will be as follows

	Debit	Credit
Cash	1,000,000
Opening Balances GL		1,000,000

Note that before you can enter the opening balances, you must first set the GL for the opening balances at System->Configuration->Accounting->Accounts Settings.

How to enter the GL opening balances

To enter the GL opening balances you go to Accounts->Transactions->GL Opening Balances and a screen will appear looking as follows:

• Date: This date field will automatically be filed with the start of the financial year date set at System-> Configuration->Accounting->Accounts settingsand this is the date when the opening balance will be booked into the system, e.g., "01/01/2010".
• Transaction No.:The transaction number will automatically be displayed and will be read only.
• Voucher : Enter the voucher number for the opening balance transaction, e.g., "2336".
• Branch: From the drop down select the branch to which the opening balance is related to, e.g., "DB".
• Cost Center: From the drop down select the cost center under which the opening GL balance falls.
• Product: Select the product to which the GL opening balance is related, e.g., "Free Savings".
• Account: From the list of displayed GL accounts, select the account that you want to enter the opening balances for, e.g., "Cash at Bank".

Note that the selected account will be highlighted in red and then you can enter the corresponding opening balance for it.

• Debit/Credit If the selected GL account has a debit balance, then enter that balance in the Debit textbox, e.g., "6,000,0000". and if it has a credit balance then enter the balance in the Credit textbox.
• Update: After entering the debit or credit balance, click on the update button to post the amount to the relevant GL account.
• Account Total: This section will progressively display the total opening debits in the Debit section and the total opening credits in the Credit section.

Note that the Debit and Credit section should be equal before you can finally save the opening balances.

• GL Account for Opening Balances: This field will automatically be populated with the GL account for opening balances that was set at System-> Configuration->Accounting->Accounts settings, e.g., "127050".
• Difference: This field will automatically be populated with the difference between the opening debits and opening credits as the opening balances are progressively posted to the corresponding accounts.
• Balance B/F: This field will be filled with the opening balance on the Opening Balance GL. This should ideally always be zero since the credits should always cancel out the debits.

Click on the Save button to complete the entries. LPF will require you to confirm whether you want to post the entries that you have made:

Click the Yes button to post the opening balance to their respective GL accounts. The posted opening balances will be displayed in Trial Balance as the beginning balances at the start of the financial year at Accounts->Financial Reports->Trial Balance.

Related Topics

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