Opening Balances Configuration in HawkSoft

Opening balances are entered in HawkSoft and QuickBooks^® for any existing customer account balances and unpaid company payables. This article explains the steps necessary to configure HawkSoft to process opening balances and synchronize those balances with QuickBooks.

See Opening Balances Overview and Trust Accounting Setup Overview for more information.

Setup in HawkSoft is typically performed by the Owner/Administrator, Manager, or Bookkeeper entering Accounts Receivable Balances into HawkSoft.

Configuring opening balances in HawkSoft

Opening balances are configured in the Trust Accounting Setup dialog box.

1. Click the  Settings icon, and then select  Trust Accounting.

   The Trust Accounting Setup dialog box opens.

2. Complete the opening balances information on the following tabs:

   General Ledger Accounts

   Add an account for opening balances.

   1. Select the General Ledger Accounts tab.

   2. Click Add Accounts.

      The Add Account dialog box opens.

   3. Type Opening Balance Equity in the Account Name field.
   4. Select Equity from the Type drop-down list.
   5. Optional: Enter a description.
   6. Click Save.
   Line Item Templates

   Add Opening Balance to the list of line item templates. After setup is complete, Opening Balance will be available on the Item drop-down list when creating an opening balance invoice in HawkSoft.

   1. Select the Invoice Items tab.
   2. Click Add Line Item Template.
   3. Select Agency under the Payee drop-down.
   4. Type Opening Balance in the Item Name field.
   5. Check Invoices to make this item available when creating invoices.
   6. Select an account from the Bank Account drop-down list.
   7. Select Opening Balance Equity from the Reporting Account drop-down list.
   8. Click Save.
   Invoice Item Descriptions

   Add an invoice item description to reflect the opening balance date. After setup is complete, the opening balance date will be available from the Invoice Item Description drop-down list when creating an Invoice.

   1. Select the Invoice Item Descriptions tab.
   2. Click Add Line Item Description.
   3. Type Opening Balances as of xx/xx/xxxx [the opening balance start date] in the Description field.
   4. Click Save.
   5. Click OK to save your changes

3. Close the Trust Accounting Settings dialog.

Setup is complete, and now you can enter your opening balances. See Entering Customer Opening Balances in HawkSoft for instructions on entering opening balances and then disabling the Company Payables setting.

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