Use this topic if you're entering an opening balance using a trial balance report from another accounting program. This is an advanced option that allows you to enter opening balances for multiple accounts, such as income and expenses, in addition to the cash balances of a bank account.
To set up opening balances from a trial balance.
-
Print your trial balance report "as of" the date that you plan to keep accurate records in Buildium. If your trial balance is produced on a date range, calculate the total "as of" that date.
For example, let's say you plan to keep accurate records as of January 1. To prepare, generate a report as of December 31.
Your report will look something like this:
Trial Balance as of December 31
Asset Accounts receivable 5000 Asset Operating bank account 2400 Asset Security deposit bank account 1000 Liability Security deposit liability 1000 Income Rent income 7400 Expense Accounts payable 2000 Expense Repairs expense 1500 Expense Other expense 1000 -
Most accounts that appear on your report will be entered using a general journal entry. Some accounts will be entered using other steps. On your printed copy, circle or highlight the accounts receivable, accounts payable, and any amounts that are tied to lease or ownership account ledgers.
Below, we highlighted Rent income because part of that total is tied to accounts receivable. Other expense is highlighted because part of that total is tied to accounts payable.
Trial Balance as of December 31
Asset Accounts receivable 5000 Asset Operating bank account 2400 Asset Security deposit bank account 1000 Liability Security deposit liability 1000 Income Rent income 7400 Expense Accounts payable 2500 Expense Repairs expense 1500 Expense Other expense 1000 -
Create a general journal entry as of your as of date in Buildium. This transaction will contain data for everything that isn't highlighted. When creating your transaction, use opening balance equity to balance, as needed. see "General journal entries"
Debit Credit Operating bank account 2400 Security deposit bank account 1000 Rent income 2400 Opening balance equity 1000 Total 3400 3400 -
To enter amounts for accounts receivable, add a charge. see "Entering beginning tenant and association owner balances"
For example, the $5000 in rent income and $5000 in accounts receivable are a debit and credit of the same charge. By adding charges to record the outstanding rents, these totals will be added to our opening balances.
-
To enter amounts for accounts payable, add a bill. see "Bills"
For example, the $2500 in expenses and $2500 in accounts payable are a debit and credit of the same bills. By adding bills to record the outstanding expenses, these totals will be added to our opening balances.
- To record the security deposit liability, issue a credit on the tenant's ledger. see "Entering beginning tenant and association owner balances"
| Article #: | 111184 |