Editable rows in the Opening Balance

All the editable rows in the Opening Balance can be modified by simply clicking the pencil icon next to the relevant entry.

Two main sections of the Opening Balance are Assets - Liabilities and Equity.

Editable rows in Current Assets

• Starting Cash

This represents the cash the business has in its bank accounts at the start of the plan. If the business has cash in several places, combine the totals and add them here.

• Accounts Receivable

If the business is owed any cash at the start of the plan, enter this here.
Leaving the dropdown as 'Before month start', will cause the cash amount to be paid to you immediately at the start of the plan (you will not see this cash amount in your reports, except as contributing to your opening cash position).
If you wish to delay the payment of this cash, use the dropdown to choose a different month. You'll then see this amount appear in your cash flow forecast.

• Prepayment & Accrual Assets

If the business has paid for any goods or services in advance, and has not received them yet, enter the unreceived value here.
Use the dropdown to manage when you believe that these goods or services will be delivered.
This does not delay the payment of cash, since the cash payment has already been made. This control manages when the value is delivered on your Profit & Loss report.

• Other Assets

If the business owns any assets which don't fit other categories on the opening balance, enter them here.
Use the dropdown options to manage which month these assets impact the Cash Flow.

 

Liabilities:

• Accounts Payable

If the business owes any cash at the start of the plan, enter this here.
Leaving the dropdown as 'no delay' will cause the cash to be paid immediately at the start of the plan (you will not see this cash amount in your reports, except as contributing to your opening cash position).
If you wish to delay the payment of this cash, set up a delay. The cash movement will appear on your cash flow after the delay set.

• Employee Cost Payable

If the business owes any cash at the start of the plan to employees, enter this here.
Use the dropdown to manage when this cash amount impacts the Cash Flow.

• Prepayment and Accrual Liabilities

If a customer has paid for any goods or services from the business in advance or hasn't received them yet, enter the undelivered value here.
Use the dropdown to manage when you believe that these goods or services will be delivered. This does not delay the payment of cash, since the cash payment has already been made. This control manages when the value is delivered on your Profit & Loss report.

• Other Liabilities

If the business has any liabilities which don't fit other categories on the opening balance, enter them here.
Use the dropdown options to manage when any cash owed by this liability impacts the Cash Flow.

 

Equity:

• Retained Profit

If the business has retained earnings (profit or losses carried forward from the previous accounting period), enter this amount here. 
Equity balances Assets - Liabilities, so if your Opening Balance is just £1000 cash, and this was produced entirely by the business' retained earnings from its previous business activities, you would enter £1000 in the Starting Cash entry, and then a £1000 in Retained Profit.