Fund Setup- steps after opening balances

Hi There

Can someone tell me the steps after you have entered in your opening balances, the guide says you then

  • Update ledger to current year in the fund details list, which I have done and made it 1/7/19-30/6/20.

My financial position statement now however says the financial position does not balance.

Am I supposed to do other steps such as close the previous financial year. If so aren’t I supposed to avoid creating entries prior to my commencement FY ie. not before 1/7/19? Will it give me the option to close the prior year but not do create entries…?

I cannot find in the help guides a chronological step by step of the things to be done before I start posting transactions in FY 19-20.


The current help guides need some updating & revising, to keep up with the software updates.

I normally create entries after inputting the opening balances for that prior year, it seems to work better.

In the Fund Details Screen, have you input the System Start Date? Cause forgetting inputting that date causes problems.

If you have entered all the opening balances correctly so you can produce an operating statement and statement of financial position for the 2018/19 year that agrees to your financial statements then you should be able to just change the financial year in Fund Details to 1/7/19-30/6/20 and start processing the current year. I have never had to Create Entries for the Opening Balance year.

I found that the user manuals went through the setup steps quite thoroughly. Do you have access to those?

1 Like

Hey @AlisonB you are 100% correct. there is no need to Create Entires and once you have the operating statement and statement of financial position entered just navigate to Fund Details and update the reporting dates.