Great! You've configured a common ledger.

The next thing is to check that the balances in your client's data file are the same as the balances in your ledger.

Before you check balances...

One of the methods for checking balances (performing the opening review) may post to bank, trade debtor and trade creditor accounts if there's a variance between your account balances and your client's balances. This may impact reconciliation reports.

To avoid this issue, we it's a good idea to check your reconciliations. This means checking that your client's bank account balance, receivables and payables reconcile at year-end. Checking reconciliations will tell you if you need an adjustment journal to correct the balance.

Checking reconciliations is an optional step, but we recommend it before you check balances.

Choose a method to check opening balances

Once your receivables, payables and bank balance reconcile, choose one of these options to balance accounts.