Table of Contents
Overview
This FAQ article answers common questions about the Nominal module in Indigo Business. As Indigo Business evolves, this article will continue to expand with new questions, clarifications, and recommended practices.
How do I create and set up temporary opening balance adjustment accounts?
How do I create and set up temporary opening balance adjustment accounts?
ā ļø Important: Use these accounts only while entering opening balances. Once the opening balance process is complete, both accounts should have a balance of zero.
Follow ā”ļø this procedure to create two nominal accounts.
Name them as follows:
Sales Opening Entries Adjustments
Purchases Opening Entries Adjustments
Set up both accounts as follows:
Code: enter the code you prefer
*Category:
For Purchases Opening Entries Adjustments: select the same category as your Accounts Payable control account.
For Sales Opening Entries Adjustments: select the same category as your Accounts Receivable control account.
Account type: Regular
Special account type: Sales Opening Entry or Purchases Opening Entry
Reconciliation type: None
Currency: your base currency (e.g. EUR)
ā
Select Save.
*š§ Pro-tip: Using the same categories as your Accounts Payable and Accounts Receivable control accounts keeps the opening entry adjustment accounts in the same Trial Balance sections as the ledgers they relate to. This makes reconciliation easier while entering opening balances.
On Reconciliations
What happens if I change reconciliation type from None to Nominal or Bank?
What happens if I change reconciliation type from None to Nominal or Bank?
If you:
Edit an account in Nominal > Nominal Accounts;
Switch the 'Reconciliation type' value from None to Nominal or Bank;
Save...
...Indigo Business will ask if you want to reconcile transactions which have already been posted.
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If you select Reconcile in the pop-up message, the system will prompt you to insert the date from which transactions should be made available for reconciliation when reconciling the account. Select a date and Save to confirm your choice.
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