Clubtreasurer ClinicYou can add opening balances for accruals and prepayments directly into your Debtor or Creditor accounts using Clubtreasurer’s “Simple Accruals” method.
1. Adding Opening Balances at Setup
Step 1: Go to your Debtor or Creditor account and enter the relevant opening balance.
- Use Debtors for prepayments or income owed to you.
- Use Creditors for expenses incurred but not yet paid.
Step 2: When the actual payment is made later, simply create an Account Transfer:
- From: Your Cash/Bank Account
- To: The Creditor Account
This cancels the brought-forward balance and reflects the outgoing cash movement.
No need to create a Payment or Receipt transaction — these were already recorded in the previous financial year and shouldn’t affect the current Profit & Loss account.
2. Adding Opening Balances Retrospectively
If you forgot to include opening accruals or prepayments when first setting up your accounts, you can still add them later. Here’s how:
Step 1: Temporarily Adjust the Financial Year
- Change your Financial Year-End to a date before the opening balance date.
- Go to: Setup > Organisation & Subscription
- This lets you edit accounts that may otherwise be “locked” due to age.
Step 2: Enter Opening Balances
- Open your Debtor or Creditor account and enter the correct opening balance.
Step 3: Adjust the Current Year
If you’ve already recorded a Receipt or Payment this year for a transaction that actually belongs to a previous year:
Example: Expense Accrual (Creditor A/c)
3.1 Delete the Payment made from your bank account this year.
- This expense was from the prior year, so it shouldn’t appear in this year’s Profit & Loss.
3.2 Instead, create an Account Transfer:
- From: Your Bank Account
- To: The Creditor Account
This clears the opening balance and reflects the cash movement correctly — without affecting this year’s income or expenses.
Account Transfers affect your Balance Sheet but not your Profit & Loss.