Overview

You can enter the opening balances for each nominal account that have balances in your previous accounting system using this method or by using journals.  Your opening balances may include your bank accounts, however if you have decided you that you wish to reconcile these items in the future then add these items as regular bank receipts and payments. 

If you use the VAT Cash Accounting Scheme, also enter the balance of the Sales Tax Control Account and the Purchase Tax Control Account. 

If you plan to enter your customer and supplier opening balances as individual transactions, then do not update the Debtors or Creditors nominal accounts.  If you enter your customer/supplier opening balances and update enter the Debtors/Creditors opening balances, you may find your balances over inflated.   

Enter Your Opening Balances

To enter your opening figures directly to the nominal accounts do the following:

1. 1. Navigate to the Setup tab, 
   2. Select Opening Balances  
   3. Select the Nominal Code you wish to update
   4. Enter the required details and hit Save to create your Opening Balance.
   5. Repeat the process for every account you wish to update