This topic shows you how to create an Opening Balance.

An Opening Balance is the amount of money in a company's account that is brought forward at the start of an accounting period.

Opening Balances can be loaded in General Ledger accounts. Accounts Receivable and Payable should be loaded as Customer and Supplier Invoices directly in the Ledger - ideally 1 invoice for each Ageing period: 30 days, 60 days, etc.

Setup

Create an Entry Type for Opening Balances as per the screenshot below. The Type = OB is the flag that will exclude these transactions from showing up when the Trial Errors filter is used. This means the opening balance transactions can be ‘single-entry’ - only the Debit or Credit account needs to be set.

Navigation

Main Menu > Setup > Settings & Defaults > Accounting > Entry Types > Add

Example

Below is a simple example of an opening Trial Balance that need to be captured as well as screenshots of some of the opening balance transactions.