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Opening Balances

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Your opening balances from your previous accounting system

Opening Balances Date Enter your Opening Balances Finish
Opening Balances Date
Enter the date you will start processing in Accounting: Set date
Need to import your data?
Importing from your Previous Accounting System

In the next step you will be required to provide your opening balances for all your accounts as at .


Gather the required information

Gather the information that you need from your previous accounting system by running reports, such as the Trial Balance, for account balances as at .

If you do not have the required information to enter your opening balances, you can start working in Accounting and come back to your opening balances at a later stage by choosing the Opening Balances option on the Company menu. If you are unsure about these account balances and where to get them from, ask your Accountant to assist. You can also invite your accountant or bookkeeper to Accounting.

Invite your accountant or bookkeeper now

Opening Balances Date  Change Date
Need to import your data?
Importing from your Previous Accounting System

Enter or change your Opening Balance below. Please Note: changes made to correct opening balances that you initially captured will have an impact on balances you have already entered and any reports you may have already run.

* Note on System Accounts

In Accounting, you cannot process directly to System Accounts. These accounts accumulate balances as you process in Accounting. Opening Balances for System Accounts will be created in a separate Opening Balance Account. For example, creating an Opening Balance for the sales System Account will create a Sales Opening Balance Account.

    Account Name Category Debit Credit
    Sub Total
    Difference
    Total
Congratulations, you have created your Opening Balances!

What Now?

Print your Financial Statement reports as at  to make sure that all your account opening balances are correct.

  • View your Profit and Loss Report to check your income and expenditure.
  • View your Balance Sheet to check your asset and liability account balances.
  • If you need to make changes to your opening balances, you can do this by choosing the Opening Balances option on the Company menu. Individual account opening balances
  • can also be adjusted at a later stage by choosing the Adjust Opening Balances option on the Special menu under Customers, Suppliers, Items, Banks and Accounts.

 

Next Update Update And Continue View Financial Statements Return to Getting Started
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