Setting your opening balances

You can enter opening balances any time during your first fiscal year.

Click Chart of Accounts on the left menu.

Click the Set opening balances button.

You can use the search filter to find a specific account.

You can also use the drop-down menu to show only specific types of accounts.

For your bank account(s), enter the balance as if the cheque that was written during the last year did clear your bank account (chequebook balance).

To enter the opening balance for a receivable (or payable) invoice, select the Set opening balances button next to the related account.

Your customers will show on the slide-out from the right.  Click the customer and the Add button on the following screen.

Select the account the receivable is affecting and the amount of the receivable.  Click the Save at the bottom.   Note, the dollar amount will be positive or negative depending on which type of account it is, as per the following chart.

Last updated on December 14, 2023 by FCC AgExpert