Opening entries
– when changing from another accounting system
When you change from another accounting system to e-conomic, the previous system’s final period totals are used as opening entries in e-conomic.
Creating the opening entries:
1.Create an accounting year to make opening entries for the accounts. This year should be prior to the first accounting year that you want to use e-conomic for
2.Enter and book the opening entries on the last date of the accounting year created in step 1
3.Close the accounting year in which the opening entries were booked
To create an accounting year for opening entries:
1.Click ‘Settings’ > ‘Accounting year’
2.Click ‘New accounting year’
3.Enter the period covering the accounting year created for the opening entries. E.g. ‘2009’ if you wish to use e-conomic for 2010.
4.Click ‘OK’
To book the year-end entries for the previous accounting year, there are two options:
A.You are beginning a new accounting year: Enter the year-end entries for all balance sheet accounts.
B.You are beginning in the middle of an accounting year: Enter the year-end entries for all balance sheet accounts for the previous year. Then make entries for balance sheet and operating (profit and loss) accounts of the new accounting year.
1.Click ‘Bookkeeping’ > Day books’ > ‘[select the relevant day book, e.g., General’
2.Click ‘New entry’ above the list area
3.Edit the fields Details
4.Click ‘OK’
5.Repeat steps 2-4 until all entries have been made
6.Click ‘Book entries’
Details about the fields
Note that not all fields are mandatory.
| Field | Action |
|---|---|
| Type | Select ‘Journal entry’ |
| Date | The last date of the old accounting year |
| Entry | Use the same number for all entries. The same entry number will be suggested until all day book entries balance |
| Account no. | Enter the desired account number or select an account by clicking the ‘…’ icon |
| Contra account | Leave blank |
| VAT | Select the blank line in the drop-down list |
| D/C | Select whether the amount is to be credited or debited |
| Amount | The opening balance of the account |
| Currency | Select the currency of the booked amount – in the case of opening entries, the domestic currency |
| Text | Enter a brief text describing the entry, e.g., ‘Opening’ |
To close the accounting year containing the opening entries:
1.Click ‘Settings’ > ‘Accounting year’
2.Click ‘Close’ to the right to open a dialogue box
3.Click ‘Close’ to confirm and automatically create the opening entries