Accounting Opening Balances

In order to bring your opening balances into Actionstep, you will need to be comfortable that the Balances you are bringing in are correct.

These can be brought in as you finish parts of the process - for example, if you have reconciled your Trust account you would be able to bring the Trust Account opening balances in prior to completing the process.

Prior to bringing in the opening balances, you would need to ensure that all your applicable matters and contacts are loaded into your Actionstep system.

What will you need

Actionstep does not have an opening balance importer and as such your balances do need to be brought in manually. The resources you will require from your old system/s are the following:

• Balance Sheet (Statement of Financial position) as at closing day.
• Bank Reconciliations as at closing for all applicable bank accounts (if xero, just Trust account).
• The Trust Trial Balance - listing the balance of each matter
• A detailed Aged Receivables| Outstanding Debtor Invoice list, showing:
  • Invoice Date
  • Invoice Number
  • Client Name
  • Matter number (or name)
  • Value - split by
    • Value for each income account
    • Tax value
    • Total value
• A detailed Aged Payables | Outstanding Creditor list, showing:
  • Invoice Date
  • Invoice Number
  • Supplier Name
  • Matter number (or name) - if applicable
  • Value - split by
    • Value for each expense account
    • Tax value
    • Total value