Opening Balances are generally imported before the first bill run (when they are actually the Opening Balance) but can be done at any time later, with the understanding that it is now a Current Balance that they are importing.
You can import balances only for customers which are already added to Operate as an Account record. It is advisable for your customer accounts to not yet have transactions in Operate, or very few of them. If they have a balance, Operate will clear it upon import - please see below for more details.
Operate accepts both positive and negative balances.
- Positive: Your customer owes you.
- Negative: You owe the customer.
When opening balances are imported, Operate will add a Payment transaction within your Operate Accounts Receivable module, for the imported amount.
Balances are imported as
Booked, therefore under usual circumstances, you should not need to export them to an accounting application. It is assumed that you already have it in place, with the correct balances.
Important note before you begin
- You will need to import the full balances from your accounting software, regardless of whether some of your customers have a balance in Operate. Assuming your balances are correct in your accounting, Operate will clear its existing balance by posting a credit transaction if there is a debit balance, and vice versa.
- If you do need to export opening balance transactions: some accounting tools (for example Quickbooks) will not import payments with a negative amount. Therefore, we advise that if you use Operate's automated financial exports, you make manual adjustments in your accounting software, to customers with a credit balance. Debit balances, which are positive in Operate,
Importing your opening balances
You can import opening balances by creating a 2 column csv file, Column A must be the Account ID from within Operate and Column B must be the current balance in your accounting software with a header row required. You can get such a list from Member > Accounts, where you can create a list view and export it.
Then in Operate, go to Invoicing > Accounts Receivable and select Import Opening Balances.
You will then be presented with the following screen where you can choose the location to which you would like to import the balances for and then select the file to upload. Below is a quick visual guide of the steps you need to take.
Click OK when you are ready. The Opening Balance lines will post as a payment, with the date on which they are imported. Two transactions will be posted: One that clears the existing balance and one that add the opening amount. There will be a 'Clear Balance' transaction on credit if there is a debit balance, and vice versa.
Allocating Opening Credit Balances
If an account has a credit balance, this will need to be allocated to an invoice later on in order for the existing amount to be considered as payment for that invoice. The imported balance will be added as a payment within the Accounts Receivable (as shown bwlow) and you can allocate it to an invoice by following this guide: Allocating Existing Payments to Invoices in Operate's Accounts Receivable
If you import the file and the balances do not update this could be for a number of reasons - commonly it will be because -
- The import file has not been saved as a Comma Separated Spreadsheet (.csv)
- The import file is missing a header row and so the first accounts balance has not been updated.
- The import file is missing the Account ID or balance amount.