When switching to Nitesoft it is important to keep track of the opening balances on the accounts.
Sales Ledger account
If you have past reservations or already checked in reservations when you start Nitesoft you will have a opening balance on Sales Ledger account. You can retrieve the opening balance on the account by taking a Sales Ledger report for the day before switch date.
First identify which of these options apply to your hotel:
1. There are no ongoing or past reservations when you start Nitesoft.
Or if there are ongoing reservations revneue is set to 0 for them and handled in old system.
2. There are ongoing or past reservations and they are already accouted to similar Sales Ledger account (called "House" account in some other systems)
3. There are ongoing or past reservations and they not already accouted.
This is what you have to do:
1. The opening balance will be 0, so you don't have to do anything.
2. Check that the old outgoing balance matches the new opening balance, if they do you don't have to do anything.
If they don't you have to get list of which reservations consist of the outgoing balance in the old system and the opening balance in the new system, check which reservations do not match. If there are reservations in Nitesoft that is not on the list from old system, account an opening balance for them. If there are reservations in old system that do not exist in Nitesoft they need to managed in either old system or in accouting.
3. You need to account the opening balance. Get total amount on Sales Ledger account and it should be accounted to the corresponding revenue and VAT. A typical opening balance accounting will look like:
Debit Sales Ledger account, Credit Housing account and VAT 12% account.
Deposit account
If you have any prepaid reservations in Nitesoft you have an opening balance on Deposit account.
You can retrieve the opening balance on the account by taking a Deposit Ledger report for the day before switch date.
First identify which of these options apply to your hotel:
1. There are no prepayments when you start Nitesoft.
2. There are ongoing or prepayments and they are already accouted to similar Deposit Ledger account in accounting.
3. There are prepayments and they are already accouted to Revenue and VAT in acounting.
This is what you have to do:
1. The opening balance will be 0, so you don't have to do anything.
2. Check that the old outgoing balance matches the new opening balance, if they do you don't have to do anything.
If they don't it has to be corrected, the payments should match.
3. You need to account the opening balance. Get total amount on Deposit Ledger account and since the Revenue and VAT is already accounted you need to reverse it.
3a, If you don't use adjustement accounts, it means that you will debit the VAT and revenue to instead put it to the Deposit ledger account.
A typical opening balance accounting will look like:
Debit Housing account and VAT 12% account, Credit Deposit Ledger account
3b, If you use adjustement accounts, it means that you will let the revenue and VAT accouted stay as is and only account the adjustment account.
A typical opening balance accounting will look like:
Debit Housing adjustment account and VAT adjustment account, Credit Deposit Ledger account
Invoice account
Opening balance of this account in Nitesoft is normally 0, since you don't have any invoices before start date.
So you don't need to account any opening balance for Invoice account.
But if you already have invoices accouted from before the switch you need to keep track of these so you will know how much invoice account will differ until these old invoices are paid.