Recording Debit/Credit Card Opening Balances

Some Of the nominals and ledgers used in this topic may be different to those in your chart of accounts.

This topic describes how to manually post an opening balance using a journal.

The opening balance needs to be added to a credit or debit card account to enable you to reconcile your establishment/organisation transactions against the account.

The balancing line of the opening balance journal can be posted to a suspense or surplus/deficit nominal.

  1. Select Documents, then select Document Input from the menu.
  2. The Document Input dialog is displayed. Select Drill (...) in Document type, then double-select to select ASGJ - Journal (where AS represents the location code of the document type) from the Select a document type dialog.

  3. The General Journal input form is then displayed in Input form. The Number defaults to the next number in the sequence for the selected document type.
  4. The Date defaults to the current date and the Period defaults to the current accounting periods. The date must be the date the credit card account is created. If the date needs to be changed, select the down arrow and select the required date from the calendar. If the period needs to be changed, select Drill (...) in Period, then double-select to select the required period from the Select a period dialog, e.g. 2021/22.00 Opening Balance 2021/22.
  5. Select OK to confirm your selections.
  6. The General Journal document input form is displayed populated with the details entered in the Document Input dialog.
    Opening balances for multiple debit or credit card accounts can be added using this journal.
  7. Double-select in Nominal, then double-select to select the required nominal from the Select a nominal dialog.
  8. Double-select in Account, then double-select to select the required card from the Select account dialog.
  9. Enter Opening Balance in Description. In Credit, enter the value of the card opening balance e.g. 1000.00 (do not enter any currency symbols i.e. £, $, etc.)
  10. Next, a debit needs to be entered to contra the credit(s) entered for any card accounts. Select in the blank field adjacent to the Credit field of the last card opening balance added, then press the Tab key to create a new item line, or select INSERT ROW.
  11. On the new item line, double-select in Nominal, then double-select to select AST410100 - FD-Surplus/Deficit bfwd (where AST represents the location) from the Select a nominal dialog.
    If the nominal is not linked to a ledger, the account column can be left blank.
  12. Enter Opening Balance in Description. In Debit, enter the total value of the supplier(s) opening balance e.g. 1000.00 (do not enter any currency symbols i.e. £, $, etc.) This must exactly match the amount in Credit on the previous row.
  13. When the Debit value and Credit value balance to zero, press F5 or select POST to post the general journal.