Type each opening balance on the customer, supplier or account itself, with the date it was true (As Of). The one thing to watch is the sign: on a customer a positive number means they owe you; on a supplier it means you owe them.
Steps
- Open Customers, Vendors or Chart of Accounts and click New (or open an existing record).
- In Balances, type the Opening Balance. The note under the field tells you which way round a positive number goes.
- Set As Of to the date the balance was true, for example your last month-end.
- Click Save. The matching opening invoice or bill is created for you, and the ledger follows.
Good to know
- A customer who overpaid you is entered as a minus figure, for example -50000.
- Income and expense accounts have no opening balance — they build up from transactions.
- An opening balance locks once it has been paid or its period is closed.
- Importing a spreadsheet brings opening balances in for many records at once.
- Then run the go-live check: it offers to move opening balances out of this period’s income and expenses.
The full guide
Opening balances — which way round the sign goesWhen you bring an existing business onto BusinessSensor, each customer, vendor and account starts with the balance it already had. That figure is the opening balance, and the single thing that goes…