GEM-CAR FAQ
Opening Balance Sheet Validation
To do your opening balance in GEM-CAR, you will need your opening balance.
What is the purpose of the trial balance?
The trial balance is a listing of all accounts in the chart of accounts with a balance. It is prepared to verify the accuracy of the accounting information. The trial balance, therefore, includes the list of accounts in the order in which they appear in the chart of accounts and the balances of these accounts, which are divided into two columns:
- one for accounts with a debit balance,
- the other for those with a credit balance.
The usefulness of the trial balance
A trial balance is prepared to verify the accuracy of the amounts recorded in the chart of accounts. However, it is very useful because, in addition to proving the arithmetical accuracy of the chart of accounts, it contains all the information required to prepare the financial statements.
Important:
In a trial balance, debits and credits must balance.
What is the purpose of an opening balance sheet?
When you start using GEM-CAR to do your bookkeeping, you must request a trial balance report on your old software and enter this data in GEM-CAR in order to start with the same numbers.
Make sure that the credit and debit balance is correct, otherwise, you will not be able to start your experience with GEM-CAR.
The import of your starting balances was done in two steps:
1- Starting balances of the accounts (Chart of Accounts).
2- Customer/supplier departure balances (Transactions).
Correction of starting ledger code balances
For the first step, you can enter the starting balances of each accounting account in the account card. The accounts are accessible from the menu Accounting > Chart of accounts.
On your old software, print a trial balance. Then, for each account, validate the amount in the Starting balance field of the account.
If the balance is on the credit side, please enter a negative amount, if the balance is on the debit side, please enter a positive amount. Repeat the operation for each of your accounts, except for accounts receivable and payable. These 2 accounts will be processed in the next step.
Posted
6 months
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by
Olivier Brunel
#260
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