Opening balances
Opening balances are what everything stood at on the day your books start: each bank balance, your accountant's closing figures, and every invoice and bill still open. They're how your first reports and returns start from the right place.
2 minutesOwners, with the authenticator appWorks on a phone
Open Opening balances
On Books, tap Settings, then Opening balances (on a phone, Settings is with the buttons at the top). It's on Set up Books too. Only Owners can, with the authenticator app.
Money accounts
Each money account is listed. Type its balance on the start day, from the statement; for a card or a loan, what's owed on it.
Other balances
From your accountant's trial balance: tap Add a balance, pick the account and type its Debit or Credit. Capital, loans, stock, equipment and retained earnings go here.
Open invoices
What customers still owe you: tap Add an open invoice and fill in the Customer, Its number, the dates and what's owed. They show in Aged receivables, ready to match when the money comes in.
Open bills
What you still owe suppliers: tap Add an open bill and fill it in the same way. They wait on Bills, To pay.
Check it balances
Opening balance equity shows what's left over as you type. Once the whole trial balance is in, it comes to nothing and says Everything balances. Tap Save the opening balances.
Good to know
- Saving again changes only what you changed: the opening journal is reversed and posted again.
- An open invoice that's been partly paid can't be removed, or brought below what's been paid.
- An overdrawn bank account typed as a minus is taken as owed.
- The start day is on Books settings. Change it before anything else goes in.
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