If you are currently working on an accounting system and you want to bring across your opening balances to Accounting, use the Opening Balances option to quickly and easily guide you through the process.
Enter the date you will start processing in Accounting in the field available.
Gather the information that you need from your previous accounting system by running reports, such as the Trial Balance, for account balances as at a day before the date you selected here.
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.
Record opening balances from your previous accounting system. Opening balances can be changed at a later stage. To get back to this Opening Balances wizard, select Opening Balances from the Company Menu.
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.
Opening Balance screen not in balance
You will notice at the bottom of the opening balances screen you will have a thumbs up or a thumbs down picture that will show you whether your balances are balancing or not:
Enter all the correct opening balances and ensure that you have a thumbs up: