Add Opening Balances

If your brokerage will be utilizing SkySlope Books for reconciliation and/or for full accounting reporting and financial assurance, you will need to add the opening balances for you bank accounts (reconciliation) and/or ledger accounts (full accounting). 

Follow the steps in this article to add opening balances to the appropriate accounts based on your brokerages use of SkySlope Books.

Prerequisites: 

1. Create your Chart of Accounts 

2. Add Bank Accounts

3. Date that reconciliation/accounting will begin in Books (if reconciling in Books)

4. Summary Trial Balance report as of last date from old system (if using Books for full accounting)

Add Opening Balances  

Note: This bank opening balance amount will flow into the Reconciliation module for your first reconciliation.

1. Navigate to Settings > Finance > Opening Balance

2. Click Create  

3. Opening Balance Date: Add the date that reconciliation/accounting will migrate to Books

4. Zero balance accounts: Use the checkbox to notate any zero balance accounts

5. Review Summary Trial Balance Report from old system and enter amounts into Books

• Are there commissions, bills, or invoices that are in-process in old system that aren't accounted for on Summary Trial Balance report?
  • • If yes, you will need to calculate the amounts and enter those amounts into the Opening Balance fields
      • • • • Notate the totals and which accounts they impact
            • Reduce the totals for the accounts by that amount and notate on report
• Complete the Debit/Credit fields based on amounts from Summary Trial Balance report 

6. After all amounts are entered, scroll to the bottom of the screen

7. If there Debit/Credit columns are not matching, an amount will populate into the Opening Balance Adjustments

8. Click Create 

9. After creating, you will be able to view all amounts entered, any opening balance adjustments will be visible here as well.  However, you can now edit the Opening Balances, if necessary.  

Edit Opening Balances  

1. Navigate to Settings > Finance > Opening Balance

2. Click Edit in the top right hand corner

3. Make any adjustments and then Save

Add Unprocessed Deals, Bills and Invoices to Books

Are there outstanding commissions, bills and/or invoices from the previous system that need to be added to Books for processing?  If yes, complete the steps below.

Note: This step will be completed at/after launch.

1. Gather details and complete steps below for any applicable commissions, bills, or invoices.

• • • • Commissions
        • • Follow the steps in the Manually Creating a Deal in SkySlope Books article
          • Complete the Workflow for Processing Deals in SkySlope Books for the Deal
      • Bills (Accounts Payable)
        • • Create Bills 
          • If you have multiple bills for one vendor, you can total the amount and create one bill for the entire amount
          • Date of bill should be the first date of using Books
      • Invoices (Accounts Receivable)
        • • Create Invoices
          • If you have multiple invoices due from one agent, you can total the amount and create one invoice for the entire amount
          • Date of invoice should be the first date of using Books

Updated December 18, 2024 19:55