I am new to Reckon Hosted and need advice on entering opening balances.

Gerard Briody
Gerard Briody Member Posts: 3
edited April 2020 in Accounts Hosted
I need to enter opening balances; assets,  liabilities incl debtors, creditors,  and allow for advance payments from customers. Is there a Reckon Guide for this?

Comments

  • Sally McIntosh, Accredited Consultant
    Sally McIntosh, Accredited Consultant Accredited Partner Posts: 475
    edited February 2017
    Hi Gerard.
    When you create a new Balance Sheet account there is actually an option to enter an opening balance in that screen.
    Alternatively you can do a journal, transfer or deposit depending on the type of account.
    One big journal entry would probably be the quickest if you are familiar with journals (Company drop down menu).
    Kind regards,
    Sally McIntosh ([email protected])
  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 829 ✭✭
    edited April 2020
    Hi Gerard

    Not only balance sheet accounts, but suppliers and customers as you create them gives you a chance to do an opening balance.  If you have imported your lists from another file then as Sally has said, do the journal entries.

    When posting journal entries for suppliers and customers you will need do a  journal entry for each customer / Accounts Receivable and Supplier / Accounts Payable - you will need to enter the customer or supplier name in the provided column to link the journal entry to the customer / supplier... call me if you need help  0429 305300
  • Joanne Kopelke
    Joanne Kopelke Member Posts: 1
    edited April 2016
    OMG.. you cannot create 1 large journal for all your AP opening balances.  Reckon will not allow more than 1 AR or AP entry per journal. Wish I had known this before I entered them all :-(


  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 829 ✭✭
    edited April 2020
    Hi Joanne

    sorry but yes, as I stated previously in this post, " for suppliers & customers " you have to do a jnl entry for each.