Setting up opening balances

Steps

  1. Navigate "Settings > Getting Started"

Guide Information

  • Difficulty: Beginner
  • Estimated Completion Time: 5 minutes

If you need to make an alteration to any of the opening balances they are all controlled from the Getting Started tab.

Step 1.

Navigate “Settings > Getting Started“.

Bank Account Balances

Enter the balance from accounting year start date for each bank account here. To save the new balance click “Update”.

Opening Bank Balances

Debtors

Enter opening debtors balance. To add an opening debtor you need to create an invoice for the entity that owes the company money. Add one invoice after the other to build up a snapshot of the opening debtors.

Opening Debtors Balance

Creditors

Enter opening creditors balance. As with Opening Debtors you need to add an invoice except that it is for an entity that the company owes money too.

Opening Creditors Balance

Other Balances

Enter positive or negative amounts for accounts on balance sheet. The “Account Names” will vary depending on the Account Codes setup on the system. Depending on the account code you will either have the option to debit or credit that account’s balance. To save changes to the “Opening Balance Sheet” click “Update”.

Opening Balance Sheet