Topic: Add Bank Balance
Hi again 
, i want to ask how to add bank balance in FA? i dont really know how to do that and what is bank balance thanks
here the screenshot of what i want to do
http://s3.postimg.org/xz2rpj9ir/Tanpa_judul.png
- apmuthu
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Re: Add Bank Balance
When you start FA, you must enter all Opening Balances as per your balance sheet using a single Journal Voucher. Your Bank Opening Balance is part of it.
Re: Add Bank Balance
apmuthu wrote:
When you start FA, you must enter all Opening Balances as per your balance sheet using a single Journal Voucher. Your Bank Opening Balance is part of it.
sorry i still dont get it, what should i do to add nominal in Bank Balance?
- apmuthu
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Re: Add Bank Balance
Have you entered all opening balances using a single Journal Voucher in FA before beginning to use it? Since a balance sheet balances out, all credits = all debits, all account entries in the balance sheet can safely populate the FA database. If you are in the middle of a year, then make a dummy debiting the bank account and crediting some suspense account for the contra which will appear to be a creditor for the company unless it is directed to the true source of the monies.
- Alaa
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Re: Add Bank Balance
Would you please show an example on how to do it ??
i also cant get the idea ..
- apmuthu
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Re: Add Bank Balance
Are you using FA for a new company for it's first year or do you have an opening balance Balance Sheet to start FA with for a new year?
- Alaa
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Re: Add Bank Balance
apmuthu wrote:
Are you using FA for a new company for it's first year or do you have an opening balance Balance Sheet to start FA with for a new year?
No.. i am using it for a company that is over 10 years old.
i want to stop using the current system that we are using and to start with FA on May, 1st.
but if there is a video on how to enter the opening Balance it'd be great cuz that is the most important step and seems to be the most vague one too.
8 04/10/2015 06:01:53 pm (edited by apmuthu 04/10/2015 06:02:54 pm)
- apmuthu
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Re: Add Bank Balance
When does your accounting year start?
Are you getting into FA in the middle of a financial year?
If May 1st is your financial year beginning, then do you have your Balance Sheet as of April 30th (not yet there)?
Which CoA are you using for your FA?
What platform are you on - Linux?
Banking and General Ledger => Journal Entry
Fill in all your Balance Sheet entries as on the last date of your previous financial year and then close that year and all balances will have been brought forward into the new financial year.
FA is just a set of menu links - no big learning curve is necessary to warrant videos.
- Alaa
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Re: Add Bank Balance
our accounting year starts on Jan, 1st, and ends on Dec, 31th.
We are using the Arabic/Egypt 8 digits CoA. on a Linux (CentOS) VPS.
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So if i understand what you are saying.. i should use the year 2014 as my default year in the company setup .. then add all the balance entries before i close 2014 and use the 2015 year in the company fiscal year ?
if that is correct ...
please just let me know how a journal entry should look when inserting the balance for the bank account.
i know this could sound like a stupid question for you.. but many people here cant just figure it .
and yes.. FA is just awesome and user-friendly .. i been using a lot of accounting systems including peachtree, Sage 50 and Onion .. so far i find FA to be the best , it just needs a facelift and it'll most likely rule the accounting software world.
Thanks for your support
- Alaa
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Re: Add Bank Balance
Btw.. i been working on a new theme for FA .. and i believe there should be 2 style sheets.. the default "left to right" and another one for the rtl like Arabic.
http://i59.tinypic.com/153be4x.jpg
11 04/11/2015 08:42:32 pm (edited by apmuthu 04/11/2015 08:43:02 pm)
- apmuthu
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Re: Add Bank Balance
First, your theme is most welcome as there are many users for the RTL languages in FA. I have attached your screenshot here as well.
Yes, you are right about choosing 2014 as the active accounting year and entering the Journal entries as a single Journal Voucher - but in your case, you would then have to input all data from 2015-01-01 onwards and not from May 1st onwards.
Alternatively, just take a trial balance as of 2015-04-30 in your old system and keep all the account codes for them in your new CoA in FA handy (make new accounts and assign the appropriate account as a bank account) and make all entries as of 2015-04-30 in FA in the Banking and General Ledger => Journal Entry screen.
As for Bank Account, please note that a GL Account first needs to be made and then assigned as a bank account in the Banking and General Ledger => Bank Accounts screen.
To create a new GL Account, use the Banking and General Ledger => GL Accounts screen.
- Alaa
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Re: Add Bank Balance
Thanks a lot... apmuthu
Now i got it.
Taking the trial balance from the old systems seems to be the best way to go along with profit and loss statement.
Thanks again .
- apmuthu
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Re: Add Bank Balance
After you are done, please provide feedback as to how we can improve the information in the wiki (maybe a new page is needed) to help others in future.
- Alaa
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Re: Add Bank Balance
apmuthu wrote:
After you are done, please provide feedback as to how we can improve the information in the wiki (maybe a new page is needed) to help others in future.
I'll gladly do it..
but if you want my honest opinion ...
the way that the opening balance should be inserted is the same as in Zoho Books.
where you get a separated view called "Opening Balance" and you just enter the amount either debit or credit .. there is no better and easier way to do it than this..
wish you could do it in FA.
Please check this image.
http://oi57.tinypic.com/2ezitrt.jpg
- apmuthu
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Re: Add Bank Balance
Actually, the Zoho looks simple enough but what happens to the figures if they are not balanced? Multiple submissions and JS error popups I guess.
The Journal Voucher mode makes sure the credits and debits are balanced and also allows you to have more than one opening balance for one account which is useful if you want to reconcile entries of the previous period.
If the trial balance is really big, it can span multiple Journal Vouchers by consolidating unallocated balances to a temporary Suspense Account from which the contras are made in subsequent JVs.
After all FA is designed and used primarily by Accountants (CPAs) and professional bookkeepers and not for simple income and expense tallying.
The Zoho screenshot is attached for reference towards any UI tweaking. Thanks for your valuable input.