Opening Balances - Additional Concepts

Modified on Sun, 17 Dec, 2023 at 6:28 PM


There are times where just entering the outstanding invoices and trust account balances won't give your required result.

Entering Income | Expense history into existing Actions

For companies with long running Actions (jobs) it may be that you wish to transfer to data into the same action within Actionstep.

  • This will give you long term visibility into the profit.
  • In order to do this you will need to pull the Job P&L's from your prior system as at conversions date
  • Using a General Journal, enter the costs and sales into the action - the offsetting profit orloss should be coded to retained earnings.

Moving to Actionstep accounting when in a period later than the adoption of your Actionstep system.

If you have been using Actionstep without using the Accounting Module, you may find that some data needs to be reversed out prior to adopting Actionstep Accounting.

By using the following process, you will still be able to look back at invoice history without creating an opening balance issue. We do recommend seeking a paid consult from our technical specialists to help with this.

  • Create General Journal entries to offset any accounts holding balances (other than Debtors or Trust accounts)
  • If you have not been receipting your payments in Actionstep, you will need to create payments until the list of debtors is a true reflection of the current debtors ledger. Offset this with a bank withdrawal.
  • Process a GST Return, to reflect no unreturned GST in the prior periods
  • Complete a bank reconciliation to conversion date to remove all items off the unreconciled list and match to the correct opening balance.

Now you have a clean slate, but with job history.

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