How to Enter Opening Balance

An opening balance is the amount of funds in an account at the beginning of a new fiscal period.

Enter Opening Balance:

• Go to Double-Entry on the Navigation menu.

• Select Manual Journals from the expanded menu options.
• On the Manual Journals page, click New Manual Journal.
• Enter the Date, Currency and write a Description.
• Use Add a Line to add a transaction to the Manual Journal.
• Select the account type as Cash, and record the amount in Debit.
• Add another transaction with the Account type as Owner Contribution/Equity. Record the same amount as Credit.
• Then, Save.

Note:

• If the opening balance account (first) is an Asset (i.e., accounts receivable, bank, credit card), enter the amount as a Debit.
• If the opening balance account (first) is a Liability (i.e., accounts payable), enter the amount as a Credit.