Opening Balances

Why Opening Balances?

While migrating from existing accounting software to Zoho Books, you need to ensure that the transition is flawless, that all prevailing data such as journal entries, records, expense and income statements etc, has been recorded and continuity in financial statements is maintained. To ensure this, an opening balance needs to be calculated.

Zoho Books provides a list of predefined accounts, which needs to be filled in to get the opening balance. Using the trial balance report in your existing accounting system, enter the credit and debit balances for all the accounts. Ensure that the balances are entered as on the date of migration. All bank and credit card accounts including foreign accounts need to be included.

In this section, you will be looking at the following operation:

Entering Opening Balances

To enter Opening Balances, follow these steps:

Adding Accounts in Opening Balances

In case a particular account is not available in the predefined list you may add an account to be included in the opening balance. To add an account, follow these steps:

Editing Opening Balances

If you have already entered opening balances before, you can edit them. Here’s how:

Note: If your credits and debits in the opening balances differ, a pop will appear. The difference amount will be transfered to the Opening Balance Adjustment account. Click OK to continue or Cancel to re-adjust the accounts.

Delete Opening Balances

You can delete any opening balances that you have entered in Zoho Books. Here’s how:

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