Setting up the opening balance is crucial for a correct start to your bookkeeping. We recommend having your accountant set up the balance or at least provide the correct data.
Note: You can only set up the opening balance if you have an accounting package!
To set up the opening balance, click on "Advanced" in the left-hand menu, and under "Memorial Journals," click on "Opening Balance." Then, click "New" to request a blank overview of an opening balance.
On the top line, enter the date from which the opening balance will be effective in the "Date" field. In the "Description" field, give the balance a name, for example, 'Opening Balance 2024.'
Next, add the value to the balance for each general ledger account, such as for your inventory account. In the "Description" field, you can note that it is a consolidated entry for the opening balance. In the "Debit" field, enter the value of your inventory as of the opening balance date. So, in the "Debit" field, you enter your assets, and in the "Credit" field, you enter your liabilities.
Once you've entered all the values for your opening balance, click the "Save" button. The opening balance can only be saved when the debit and credit sides are in balance.