 |
 |
|
|
Fees opening balances place a debtor balance onto a clients Fees account. These are often posted to the client when a practice is getting started with Time & Fees, and opening balances need to be placed on a large number of clients.
Note: WIP balances will need to be posted to set the opening WIP balances on clients. Click here for the help topic.
Posting an opening balance
If you are posting normal invoices post opening balances using the opening balancing screen.
If you are cash accounting and normally post invoices as proforma:
Log into the Fees Ledger
Click on Posting
Select Adhoc posting
Select the posting type as invoice
Enter the client, date, value, nominal codes and VAT rate.
Place a tick next to proforma
Click on the post button.
alternatively, if you are cash accounting and are a low turnover business:
Log into the Fees Ledger.
Click on Posting
Select Adhoc posting
Select the posting type as invoice
Enter the client, date, value, nominal codes and VAT rate.
Click on the post button.
VAT on Opening Balances
VAT is not accounted for on the opening balances.
Nominal Codes
Opening Balances are not posted to a nominal code.