Setting up Opening Fund Balances

This article covers how to set up your opening fund balances within ExpensePlus as well as answering the most commonly asked questions.

Before setting up your opening fund balances, you will need to add all of your funds within the Fund Settings Screen.

If you are not yet ready to set up your Opening Balances, you can come back to this later and you can still use nearly all the features of ExpensePlus before this is done. If you are still awaiting your exact figures, you can use provisional figures and update these at a later date.

Note: If you are currently trialing ExpensePlus ahead of your new financial year when you plan to begin using it, then you will need to wait to set up your opening fund balances. Please send us a message using the yellow 'Send Us A Message' button above and we will reset your system start date for you to be the start of your new financial year.

Where do I set up Opening Fund Balances?

When you are ready to set up opening fund balances, within the Fund Settings Screen, click the 'Opening Balances' button.

This will take you to the Opening Balances Setup screen, which will guide you through the setup process.

1. Setting your Opening Accounting Basis

Click the 'Set Accounting Basis' button at the top of the Opening Balances Setup screen:

You will then need to select the accounting basis of your opening balances:

The accounting basis used will be stated within your prior year's accounts, but you should check with your independent examiner.

Receipts & Payments Accounts

Charities with an annual income below £250,000 will often be able to prepare simple Receipts & Payments accounts (as long as they are not a charitable company). Receipts & Payments accounts are a simple form of accounting that consists of a summary of all monies received and paid via the bank and in cash by the charity during its financial year, along with a statement of balances. 

Accruals Based Accounts

Charities with annual income over £250,000 or that are a charitable company, will need to prepare accounts on an accruals basis that comply with the Charities SORP. Accounts prepared using the accruals basis allocate the costs or income of a particular activity according to when the liability is incurred, or when there is entitlement or certainty about income. This is not necessarily the date on which money is received or paid out. 

2a. Setting Cash Balances (Receipts & Payments Accounts)

If you selected your accounting basis as 'Receipts & Payments', you will then need to 'set cash balances' for each of your funds:

Enter the information from your prior year's accounts:

2b. Setting Balance Sheet Information (Accruals Based Accounts)

If you selected your accounting basis as 'Accruals' you will then need to 'Set Balance Sheet Information':

Once done, the totals in the top table should match the totals in the bottom table for each fund type. What has been entered should match your prior year accounts, and when you click 'Save Progress' you will be returned to the Opening Balance Setup Screen.

3. Setting Allocation Breakdown (Accruals Based Accounts only)

Once you have completed the setup of your Opening Balance Sheet Information, you will need to allocate the assets and liabilities on your balance sheet to your funds.

Cash Mismatch

If the total opening balances of all your Bank & Petty Cash Accounts do not match the total cash that was stated on your balance sheet, this additional section will appear at the bottom of the Opening Balance Setup screen. See more information about opening cash mismatches.