Setting Your Opening Balances

14/01/2026
Knowledge

How To

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Before you start entering opening balances, please ensure that you've entered all of your matters in LEAP. When entering your firm's opening balances, it must be done carefully and accurately to prevent incorrect reporting in LEAP.

We recommend that you have a LEAP Certified Consultant assist you.

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Getting Started

Set up your LEAP Activity Codes for opening balances, outstanding invoices and one for cost recoveries/disbursements.

For more information on setting up LEAP Activity Codes, click here.
Get a list of your outstanding debtors (matter number, date of invoice, amount outstanding, costs and disbursements) from your current system. This could be done by producing Aged Debtors Report.

Click to edit heading

Make sure you place all pending journals on hold before entering your debtors.

Enter WIP Balances for an Open Matter

Time Entry

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Time & Fees tab.
Click New Time Entry.

The New Time Entry window will open.
Enter or click to select the Activity Code you have previously set up.

For more information on setting up LEAP Activity Codes, click here.
Enter the Rate Per Hour amount.

Tick Inc. tax if required.
Enter the Billing Description.
Enter or click to select the Staff member.
Click Save & Close.

Click to edit heading

For more information regarding Creating a Time Entry, click here.

Fee Entry

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Time & Fees tab.
Click New Fee.

The New Fee window will open.
Enter or click to select the Activity Code you have previously set up.

For more information on setting up LEAP Activity Codes, click here.
Enter the Quantity amount.
Enter value of Each amount.
Enter or click to select the Staff member.
Click Save & Close.

Click to edit heading

For more information regarding a Creating a Fee Entry, click here.

Enter Outstanding Cost Recoveries/Disbursements for an Open Matter

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Office Accounting > Cost Recoveries tab.
Click New Cost Recovery.

The New Cost Recovery window will open.
Enter or click to select the Activity Code you have previously set up.

For more information on setting up LEAP Activity Codes, click here.
Enter the Quantity amount.
Enter the value of Amount Each.

Tick Inc. tax if required.
Enter the Billing Description.
Click Save & Close.

Click to edit heading

For more information regarding Creating a Cost Recovery, click here.

Enter Outstanding Invoices for an Open Matter

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Office Accounting > Payments & Debtors tab.
Click New Invoice.

The New Invoice window will open.
Enter or click to select an Invoice To.
An automatic sequential number is filled in Invoice No.

Untick Auto checkbox if you would like to update the invoice number manually. This will change for this invoice only and will not alter the automatic number sequence.

See Application Settings - Accounting > Transaction Numbering for the Last Invoice No. used.
Enter or click to select an Invoice Date.
Select the Invoice Status to be Final - Printed/Sent.
Click Save & Close.

Click to edit heading

For more information regarding Creating an Invoice, click here.

Enter Trust Balances for an Open Matter

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Trust Funds > General Trust tab.
Click New Receipt.

The New Trust Receipt window will open.
Enter or click to select a Received From.
Enter or click to select a Payment Type.
Enter or click to select a Transaction Date.
The Entry Date will always display the current calendar date and can't be changed.
In the first row of the table, click the Matter No. cell.

The current matter number will display.
Click the Reason cell and enter as Balance Brought Forward.
Enter the Amount.
Click Save & Close.

Click to edit heading

For more information regarding Creating a Trust Receipt, click here.

Prepare Your Trust Bank Reconciliation

From the LEAP Matter List, click the LEAP Menu > Accounting > under Trust Accounting > Reconcile Account.

The LEAP Trust Bank Reconciliation window will open in your default browser.
Enter a Statement Date.
Enter a Statement Balance which will be the closing balance based on the statement date.
Using the trust bank statement, compare and match the transactions listed on the bank reconciliation by clicking on the line of the transaction.
Continue matching until you have marked off all items on the bank statement.
When the variance is nil, click on the Reconcile button to reconcile your trust account.

LEAP will print the Trust Reconciliation Report.

Click to edit heading

For more information regarding Reconciling Your Trust Account, click here.

Review Other Reports

From the LEAP Matter List, click the LEAP Menu > Reports.

The LEAP Reports window will open in your default browser.
Click the Office > Aged Debtors Report.

Generate and print the Aged Debtors Report to make sure you have not missed any opening balances.
Click the Office > Aged Disbursements Report.

Generate and print the Aged Disbursements Report to review outstanding cost recoveries and disbursements.
Click the Office > Aged WIP Report.

Generate and print the Aged WIP Report to review outstanding WIP.
Click the Trust > Trust Trial Balance.

Generate and print the Trust Trial Balance to make sure you have not missed any matters.

Getting Started

Set up your LEAP Activity Codes for opening balances, outstanding invoices and one for cost recoveries/disbursements.

For more information on setting up LEAP Activity Codes, click here.
Get a list of your outstanding debtors (matter number, date of invoice, amount outstanding, costs and disbursements) from your current system. This could be done by producing Aged Debtors Report.

Click to edit heading

Make sure you place all pending journals on hold before entering your debtors.

Enter WIP Balances for an Open Matter

Time Entry

Open the matter.
Click the Time & Fees tab.
Click New Time Entry to open the New Time Entry window.
Enter or click to select the Activity Code you have previously set up.

For more information on setting up LEAP Activity Codes, click here.
Enter the Rate Per Hour amount.

Tick Inc. tax if required.
Enter the Billing Description.
Enter or click to select the Staff member.
Click Save.

Click to edit heading

For more information regarding Creating a Time Entry, click here.

Fee Entry

Open the matter.
Click the Time & Fees tab.
Click New Fee to open the New Fee window.
Enter or click to select the Activity Code you have previously set up.

For more information on setting up LEAP Activity Codes, click here.
Enter the Quantity amount.
Enter value of Each amount.
Enter or click to select the Staff member.
Click Save.

Click to edit heading

For more information regarding a Creating a Fee Entry, click here.

Enter Outstanding Cost Recoveries/Disbursements for an Open Matter

Open the matter.
Click the Office Accounting > Cost Recoveries tab.
Click New Cost Recovery to open the New Cost Recovery window.
Enter or click to select the Activity Code you have previously set up.

For more information on setting up LEAP Activity Codes, click here.
Enter the Quantity amount.
Enter value of Amount Each.

Tick Inc Tax if required.
Enter the Billing Description.
Click Save.

Click to edit heading

For more information regarding Creating a Cost Recovery, click here.

Enter Outstanding Invoices for an Open Matter

Open the matter.
Click the Office Accounting > Payments & Debtors tab.
Click New Invoice to open the New Invoice window.
Enter or click to select an Invoice To.
An automatic sequential number is filled in Invoice No.

Untick Auto No. checkbox if you would like to update the invoice number manually. This will change for this invoice only and will not alter the automatic number sequence.

See Application Settings - Accounting > Transaction Numbering for the Last Invoice No. used.
Enter or click to select an Invoice Date.
Click the drop-down list to set the Status of the invoice to Final - Print/Sent.
Click Save.

Click to edit heading

For more information regarding Creating an Invoice, click here.

Enter Trust Balances for an Open Matter

Open the matter.
Click the Trust Funds > Trust Accounts tab.
Click New Receipt to open the New Trust Receipt window.
Enter or click to select a Received From.
Select a Payment Type from the drop-down list.
Enter or click to select a Transaction Date.
The Entry Date will always display the current calendar date and can't be changed.
Enter the Reason as Balance Brought Forward.
Enter the Amount.
Click Save.

Click to edit heading

For more information regarding Creating a Trust Receipt, click here.

Prepare Your Trust Bank Reconciliation

From the LEAP Matter List, click > Accounting > under Trust > Reconcile Account.

The LEAP Trust Bank Reconciliation window will open in your default browser.
Enter a Statement Date.
Enter a Statement Balance which will be the closing balance based on the statement date.
Using the trust bank statement, compare and match the transactions listed on the bank reconciliation by clicking on the line of the transaction.
Continue matching until you have marked off all items on the bank statement.
When the variance is nil, click on the Reconcile button to reconcile your trust account.

LEAP will print the Trust Bank Reconciliation Report.

Click to edit heading

For more information regarding Reconciling Your Trust Account, click here.

Review Other Reports

From the LEAP Matter List, click > Reports.

The LEAP Reports window will open in your default browser.
Click the Office > Aged Debtors Report.

Generate and print the Aged Debtors Report to make sure you have not missed any opening balances.
Click the Office > Aged Disbursements Report.

Generate and print the Aged Disbursements Report to review outstanding cost recoveries and disbursements.
Click the Office > Aged WIP Report.

Generate and print the Aged WIP Report to review outstanding WIP.
Click the Trust > Trust Trial Balance.

Generate and print the Trust Trial Balance to make sure you have not missed any matters.

Last Modified Date

14/01/2026 6:40 pm

Title

Setting Your Opening Balances

URL Name

Setting-Your-Opening-Balances-NZ

Resolution