How to correctly enter opening balances in Rise Business

By Rise SA Team, January 17, 2024
Entering opening balances in the system is essential for maintaining accurate data records. This process involves transferring current enterprise data to a new infobase. However, if a company starts using a new infobase from the moment of its creation, entering balances is not required.

In Rise Business, a comprehensive stock management system, you can enter opening balances of the following:
  • Cash
  • Advance holders
  • Partners AR/AP
  • Goods
  • Other
  • Previous period results and so on

It is recommended to create opening balance entry documents dated from a previous period, such as the last year, quarter, or month, as this will impact local reporting.

In this article, you will find out how to create opening balances for the following sections:
  1. Goods (own goods in warehouses).
  2. Partners AR/AP (customer debts).
  3. Cash (bank account balances).

Entering opening balances of own goods in warehouses

Go to Master data and settingsInitial filling.
Click OB entry documents.
In the OB entry documents workplace, select OB entry: cost of owned inventory in the warehouse under Goods and click Create.
The system will create a blank OB entry: cost of owned inventory in the warehouse document. In the document, specify the Date (it is important to specify the date of the previous period), Company, Warehouse where the goods will be kept, and Lot (the source Purchase from vendor document). If required, specify the Business unit and Employee.
Click Pick goods to fill the table with the items, which will be listed as opening balances.
In the form that opens, move the item to the lower window, specify the required quantity, and click Add to document.
After the items are transferred to the document, you will see them in the table. Specify Prices for all items and click Post.
The OB entry: cost of owned inventory in the warehouse document is created.
In the warehouse for which the opening balance was entered, the items will now be available in stock. You can take advantage of two reports to check it:
  1. Stock availability
  2. Warehouse stock
You can find them in Warehouse and deliveryWarehouse reports.

Entering opening balances of customer receivables

Сustomer and supplier balances are recorded separately in the system. In Rise Business, you can enter the following AR/AP balances:
  • Unmatched prepayments from customers
  • Unmatched prepayments to vendors
  • Customer receivables
  • Vendor payables

In this article, we will demonstrate how to create balances of customer receivables.

In the OB entry documents workplace, select OB entry: customer receivables under Partners AR/AP accounting and click Create.
In the document, specify the Date (it is important to specify the date of the previous period) and Company. In the table, specify the Customer, Counterparty, AR/AP object type (for example, Customer sales), AR/AP object (select the exact sales document), Debt (specify the amount owed by the customer), and Payment date. Then click Post to record the document in the system.
The OB entry: customer receivables is created.

You can check the created customer debt using the Customer AR/AP breakdown report. You can access it in SalesSales reports.

In the report, you can see the document that registered the debt in the system, the customer's debt and the amount due.

Entering bank account balances in Rise Business

In Rise Business, bank and cash account balances are registered separately. For each company, you can create two kinds of documents:
  • OB entry: cash in hand
  • OB entry: cash in bank accounts

We will take a look at how to create the OB entry: cash in bank accounts document.

To create this document, in the OB entry documents workplace, select OB entry: cash in bank accounts under Cash and click Create.
In the document, specify the Date of the previous period and Company. In the table, specify the Bank account and Amount. Then click Post.
You can track the created balances on bank accounts using the Cash statement report in TreasuryTreasury reports.

Common errors when entering opening balances in Rise Business

Ensuring the accuracy of the opening balance entry is a crucial step in the Rise Business onboarding process. However, users frequently make mistakes when inputting opening balances, which can result in unforeseen consequences. One common mistake is specifying an incorrect start date for the accounting period, leading to inaccurate calculations and data recording in the stock management system.

Another error occurs when users input an incorrect amount or quantity of goods, resulting in a distorted balance and inconsistency with the actual warehouse or account state.

Additionally, attention must be given to the accuracy of accounts when reflecting opening balances, as users often select incorrect accounts and overlook necessary parameters.

To prevent these and other errors, it is advisable to carefully review information before saving and adhere to the instructions on how to operate with Rise Business (for example, our wiki). It is also useful to seek assistance from an expert or consultant to ensure accurate opening balance entry and avoid issues in subsequent program operations.

If you still have questions, feel free to ask them through the consultation form. We are always ready to help you.
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