Caseware | How to create Opening Balances on a New Practice?

Published: 19/08/2016

An opening balance line item for each invoice or outstanding amount does not need to be created. It is recommended to rather create an opening balance line item for each aging period for each of the clients (for example 30, 60, 90, 120 Days, etc.)

Steps to follow:

Open Caseware Time and go to File | Company Profile | Dates tab
Enter the Year End Date
Set the Period Date Sequence to Random periods.
Set the Current Active Period to 1.
Untick Aging Dates Same as Period Dates on both the Dates tab and on the Aging tab.
Set all the dates in the Dates tab and on the Aging tab.
- The Aging needs to be completed for all the months from the beginning of the financial period.
Once all the dates have been set, it will be able to insert all the Opening Balances.
Go to Setup | Opening Balances to be able to set up the opening balances.

Once all the Opening Balances have been entered, open the TB.1 Form (Trial Balance - Detail), to see all the entries as per the aging period.