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.
Creating an opening balance
To enter the opening balance, follow the steps below:
Navigate to Advanced in the left-hand menu;
Choose 41. Opening Balance and click on New;
Give the opening balance entry a name under Description;
Add values for each general ledger account:
Enter the value of assets under Debit;
Enter the value of liabilities under Credit;
Optionally, you can provide a description for each line item under Description;
Click Save once the debit and credit sides are balanced.