Accounts, opening balances and journals

Set up classifications and starting balances, and record balanced adjustments.

Needs: Pro · Accounting

The chart of accounts determines how transactions are grouped in financial reports. CRM-NG seeds 47 accounts and protects key system account types used by automatic posting.

Maintain the chart

Open Chart of accounts and check an account's type and current use before editing it. Add accounts through the supported controls when you need more reporting detail. Accounts with postings should generally be deactivated rather than deleted so their history remains available.

An account's name describes it, while its type determines where it appears in the statements. Some system types are locked because other application functions depend on them.

Enter opening balances

Use the opening-balance process for the agreed starting position and review the equity offset. Check the effective date and reconcile bank, receivable, payable and other balances with the records used for the migration.

Plan how outstanding invoices will be brought in. Importing them and also entering an opening receivable for the same amount would duplicate the balance. Review the cutover with the person responsible for the books and check the resulting Trial Balance.

Use journals and transfers

A manual journal must have equal debits and credits. Enter a reference and explanation that another reviewer will understand, then inspect the saved journal. Use the dedicated transfer and sales-tax payment controls where they fit the transaction.

Before posting an adjustment, check whether the original invoice, payment or purchase needs correcting. A journal can change the ledger while leaving the customer or supplier record wrong if the source is not addressed.