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.

You will now see a list of customers or suppliers to choose from.  Choose a customer/supplier and then click the Add button on the following screen.

When setting an opening balance for a payable or receivable, you will be asked to choose an off-setting account. After choosing the off-setting account, click the Save button at the bottom.

Note: The off-setting account's type/category may require you to input a negative dollar value. Please refer to the table below.

Last updated on May 16, 2025 by FCC AgExpert