Update opening balances

The Update Opening Balances (Actions menu) command takes data from the previous year's file and updates the opening balances for the current year.

When do you need to use the Update Opening balances command?

The Update Opening Balances command is required in the following cases:

• You have created the New Year with the Create New Year command, but you still made changes to the previous year's file (additional transactions, new accounts, ..).
• You decided to change the allocation of the the profit or loss for the year.

Check the previous year accounting

In order to avoid differences between the previous year closing balances and the New Year and opening balances, it is important, before using the Update opening balance command, to make sure that you have carried out all the checks, verification operation and all the closing accounting entries as indicated in the Year end closure page.

The Update Opening balances dialog window

In order to access this dialog, use the Actions menu → Update opening balances command.
You need to enter the path to where the previous year's file is located:

• The program will suggest the name of the saved file
• If the file's name or the location path is changed you the Browse button

Operations carried forward by this command

The command resumes the data from the previous year, without changing its contents. This command can therefore be repeated without any impact on the previous year's file.

The command performs the same operations as in Create New Year , except those referring to the creation of the file.

If the opening balances of the Profit and Loss Account accounts were reported in error, follow the information on the Difference in opening balances  page (item 5 Solutions) to correct this.

Change of the Chart of Accounts of the previous year

If after creating the New Year you add accounts to the previous year and carry over the balances, the program may indicate an error.

• Update the Chart of Accounts for the current year.
• Repeat the Update Opening balances operation

You can import changes with the Import Accounts command.

Edit current year chart of accounts

If, after creating the new year, you change the numbering of the accounts, when you issue the command Update opening balances, the programme will indicate that it cannot find the accounts. 
In this case, you must update the account balances manually:

• Opening column ( Accounts table > Base view)
• Previous column ( Accounts table > Previous view)