Categories
Article contents

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.