An opening balance represents the financial position of a company at the start of a new fiscal period. The Rewaa platform allows you to add opening balances through the "Add Opening Balances" option, serving as a method to transfer data from a previous system to Rewaa. Opening balances include permanent accounts such as Assets, Liabilities, and Equity, along with temporary accounts like Sales and Expenses. Below is a step-by-step guide to adding opening balances.
Adding Opening Balances
Navigate to: Accounting > Journal Entries > Set Opening Balances.
Enter the following details:
Posting Date: The date when you started recording transactions in Rewaa.
ℹ️ It's recommended to set an accurate date that marks the beginning of your tax period.
Account Balances:
Balances update automatically as you input data. You can add either a Single Entry or a Double Entry.
Adding a Single Entry
Select the account.
Enter the balance in the designated Debit or Credit field.
Click Save.
The entry will appear in the journal list under the label Opening Balance.
Click (👁) to view the details of the entry.
Adding a Double Entry
Select the first account and specify the amount in the Debit or Credit field.
Select the second account and specify the corresponding amount in the Debit or Credit field.
Click Save.
The entry will appear in the journal list under the label Opening Balance.
Click (👁) to view the details of the entry.
Editing Opening Balances
If you need to modify an opening balance, follow these steps:
Go to:
Accounting > Journal Entries.Click the three dots in the Actions column next to the entry and select Edit.
Editable fields include:
Entry date.
Branch assignment.
Notes.
Accounts and amounts.
Add/remove accounts with updated Debit or Credit amounts.
Attachments (e.g., images or PDF files related to the entry).
Click Save to apply the changes, and the data will update immediately.
FAQs
1. Why did the sequence of journal entries change after editing the opening balance date?
Journal entries are displayed based on their entry dates.
Example:
If you added five entries today and corrected Entry #3 to an earlier date, Entry #3 will move to the bottom of the list based on its new date.
2. How can I print an opening balance entry?
After adding the opening balance, locate the entry in the journal list.
Click the (🖨️) icon next to the desired entry and follow the print instructions.