Opening Balance for Customers/Vendors
You could be carrying over your customer or vendor balances when you are migrating from another accounting application.
Opening balances for your customers
You can enter the opening balance for your customers in one of the following ways:
- Import customers along with their opening balances in the Customers module.
- Import opening balances for balance receivable from customers in the Opening Balances section.
- Enter balances for new customers in the Other Details section of the customer creation page.
- Enter balances for existing customers in the Outstanding Receivables section in the contact details page.
Insight: Outstanding Receivables in the customer overview page contains the total amount the customer owes you (for the invoices created) and also includes the outstanding opening balance you had added initially.
In case you would like to view/update the opening balance entered, go to Customer Details > Overview > Outstanding Receivables. Click Update and enter the updated Opening Balance.
Insight: Outstanding Opening Balance is the balance the customer owes you excluding the amount from the sales transactions created for them in Zoho Books. Each time you record a payment received (apart from the ones you record for the invoices you created in Zoho Books), the outstanding opening balance reduces.
Opening balances for your vendors
To enter the opening balances for your vendors:
- Create a bill for the vendor and select the items for which you owe them money.
- Select the Bill Date as the previous bill date for the vendor.
- Save the bill.
Link Customer and Vendor