How do I record the opening balance for my firm, when I migrate to Zoho Books from my current software?

When you migrate to Zoho Books from another software, you must enter an opening balance for your organization. This opening balance, will be the last closing balance in that book of accounts i.e. closing balance as on the date of migration, in the exisitng software from that trial balance.

For example, If you are migrating to Zoho Books on 1st January 2017, and your closing balance as on 31st December 2016, from your existing accounting application is $10,000. This $10,000 will be your opening balance in Zoho Books.

To enter Opening Balances into Zoho Books :

  • Go to your Zoho Books account
  • Click the gear icon and select Opening Balances on the Settings page.
  • Click on Edit and enter relevant balances for all the accounts, using the trial balance report in your existing accounting system.

Ensure that the balances are entered as on the date of migration.

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 a new account :

  • Go to the Accountant tab and select Chart of Accounts.
  • Click the + New Account button and the Create Account screen will appear as shown in the screen below.
  • Provide the Account Name.
  • Mention the Account Code, if necessary.
  • Select the Account Type from the options provided.
  • Enter a description, for better understanding.
  • Click on the check box to add this account on the watch list of your dashboard. This will track your account’s transaction and present an overview.
  • Click Save to publish and exit.
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