Why are there two opening entries for an Accrued / Prepaid record in the opening balance sheet?
The reason is that the accrual or provision has an opening
balance, i.e. we have an opening balance of a prepaid record called Insurance of $100, and at the same time, the latest invoice may be in the opening
balance sheet waiting for payment.
So we have an opening trade creditors for the Insurance record.
Related Articles
How To: Import Accrual and Prepaid Actuals for Balance Sheet from Integrations
Situation Forecast 5 Income & Cost records that are accruals/prepayments and separately invoiced records create a balance sheet data entry field linked to the P&L record but there is no Balance sheet GL Code from which to import the balance each ...
My Balance Sheet is out of balance / my reports are wrong
Issue: My balance sheet is out of balance or my reports are not showing the correct figures. This can also be for consolidations. Cause: Sometimes this can occur with the calculations have not been properly refreshed. Solution: 1. Under Utilities, ...
PAYE is causing an out of balance
Issue: My balance sheet is not balancing due to my PAYE. Cause: This can be caused when the first data month has been changed from any period except the first, to another period, after the figures have been entered and the PAYE figures get stuck. ...
Opening Balance: Loan Opening Balance Won't Save
Issue / Problem: When in the Enter Opening balances screen, the Loan opening balance will not save: Solution: You must enter the Opening Balance of the loan in the loan record:
Forecast 5 Record Types and Descriptions
Types of Record Forecast 5 provides a variety of types of record, each tailored to a specific requirement. For example, the information that must be entered about income is quite different from that entered about a financed asset. Sales Record Types ...