Opening Balance for Customers/Vendors
You could be carrying over your customer or vendor balances when you are migrating from another accounting application to Zoho Books.
Opening balances for your customers and vendors
You can enter the opening balance for your customers/vendors in one of the following ways:
- Import customers/vendors along with their opening balances in the Customers/Vendors module.
- Import opening balances for Accounts Receivable from customers and Accounts Payable from vendors in the Opening Balances section.
- Enter balances for new customers/vendors in the Other Details section of the customer/vendor creation page.
- Enter balances for existing customers in the Outstanding Receivables and for existing vendors in the Outstanding Payables section in the Overview 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.
Insight: Outstanding Payables in the vendor overview page contains the total amount you owe your vendor (for the bills created) and also the outstanding opening balance you had added initially.
In case you would like to view/update the opening balance entered:
- Go to the customer/vendor details page.
- In the Overview page, you can view the Outstanding Receivables for customers and Outstanding Payables for vendors.
- Click Update and enter the new 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.
Link Customer and Vendor