Now you have to enter the opening balances in Zoho Books. For that, as on the migration date view your trial balance report in QuickBooks and enter opening balances for your accounts in Zoho Books. Please note you may have to make adjustments in your opening balances accordingly if you have already imported your invoices, bills, expenses, payments etc., into Zoho Books so that you could ensure all your accounts would be balanced.
To enter the opening balance in Zoho Books,
- Go on to the "Settings" tab.
- Click "Opening Balances" under "Organization Settings" link.
- Select an opening balance date. Please note you need to run the trial balance report in QuickBooks on the date of migration to Zoho Books. To view the trial balance report in QuickBooks, go to "Reports" and select Trial Balance under "Accountant & Taxes".
- Enter appropriate figures for your accounts under the debit and credit fields.
- Technically debits and credits have to match and there should be "zero balance". If there are differences between debits and credits, it will be held in the "Opening Balance Adjustments" account.
- Click the Continue button.
- Once again, you need to click the "Confirm" button so as to finish the opening balance set up process.