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Opening balance liabilities
It may be necessary to enter Liabilities existing as at Migration Date. Choose Review and Edit Liabilities from the drop-down menu.
When you select to enter a liability existing as at the date of migration you will be presented with a list of liabilities entered so far, and buttons to enter either a Liability Opening Balance or a Loan Account.
When you choose Add Liability Opening Balance, the following screen will be displayed:
The most likely liabilities, you are likely to add are:
- Income Tax payable
- GST payable
- Accounts payable
When you finish adding in a Liability, choose SAVE or SAVE AND ADD ANOTHER.
REPEAT until all Liabilities as at Migration Date are entered.
Once you SAVE the final liability, you will see a screen where all your Receivables are displayed. If you agree with this list, choose BACK TO FUND SETUP.