Indirectly editable rows in Opening Balance

The entries you can’t modify directly in your plan’s opening balance are managed by your Tax settings and Components with opening value.

Components with opening value
Components which are set to have an opening value, will impact your opening balance.

The value you set is the value at the start of your plan, regardless of the original value this may have had in the past.

Example: the business bought a van for £10,000 a few years ago. The van has since depreciated and is now worth £7,000. You would therefore record the van's opening value as £7,000.

 

Existing Assets
For existing tangible (physical) assets, use the Asset component in Brixx to model the current value, and any future depreciation or sale of this asset. An existing asset's opening value will automatically appear in the opening balance.

To ensure that the asset appears as part of the Opening Balance, the component must start at the beginning of the plan's Timeline and have the "This asset existed before the plan started" toggle turned on.

Existing Inventory
For existing inventory, use the Inventory components in Brixx to model the current value and any future sale, repurchase or write-off of this inventory. Existing inventory value will automatically appear in the opening balance.

To ensure that the inventory appears as part of the Opening Balance,the component must start at the beginning of the plan's Timeline and have the "Some inventory was purchased before the plan started" toggle turned on.

Existing Investment
For existing Investments, use the Investment component in Brixx to model the current value, and any future growth or sale of this investment. An existing investment's opening value will automatically appear in the opening balance.

 To ensure that the investment appears as part of the Opening Balance, the component must start at the beginning of the plan's Timeline, and have the "This investment existed before the plan started" toggle turned on.

 

Subscription Liability
If the business has sold subscriptions before the start of the plan, and the customer has yet to complete their renewal period, then the remaining time counts as subscription liabilities. These liabilities are added using the subscription component.

To ensure that the subscription liability appears as part of the Opening Balance, the component must start at the beginning of the plan's Timeline, the "Enter existing subscriptions sold before the plan started" toggle turned on, and the number of subscriptions entered into the corresponding table.

Note: A Subscription Liability will only be triggered if the renewal period is greater than 1 month. A 1 month renewal period does not generate a liability.

 

Loans
If you have outstanding loans, these count as liabilities in the opening balance. These existing loans are added using the Loan component, which also models the future capital repayments, and interest payments of the loan.

To ensure that the loan appears as part of the Opening Balance, the component must start at the beginning of the plan's Timeline, and have the "This loan existed before the plan started" toggle turned on.

Equity
Equity is entered in the Equity component, and shares sold before the plan started will automatically appear in the opening balance.

To ensure that the investment appears as part of the Opening Balance, the component must start at the beginning of the plan's Timeline, and have the "This equity existed before the plan started" toggle turned on.

 

Tax setting
Some Tax Settings will impact your opening balance.

 

Corporation Tax Owed
If the business has outstanding corporation tax to pay from previous years, then this is counted as a liability. In the Corporation tax tab in settings, you can enter pre-existing Corporation tax owed.

 

NOTE: You can enter a negative value to carry a tax loss forward.

 

Net VAT/GST/Sales Tax Liability
If the business has any outstanding tax to pay to the government, or the government owes you, then it is entered in the VAT, Sales tax and GST tab in settings. This liability can be entered in by the Opening tax amounts section.