Enter your opening balances
Bring your balances across from your old system on the day you start keeping books in Billbook.
- Pick a date
- Enter balances
- Save
Opening balances are what your accounts held the day you moved to Billbook: money in the bank, equipment, loans, and so on. Your old system's balance sheet or trial balance at that date has the figures.
How do I enter them?
- Open AccountingAdvancedOpening balances & lock dates and go to Opening balances.
- Set the Conversion date, the first day your books are kept in Billbook.
- For each account, choose it and type the debit or credit. Add an account adds a row.
- Check the totals, then choose Save opening balances.
Doesn't balance?
Any difference goes to Historical Adjustment, and the screen shows how much. A big figure there usually means an account is missing.
Can I change them later?
Yes. Edit the rows and save again. Emptying every row and saving removes the opening balances; Billbook asks first.
Moving from Xero, MYOB or QuickBooks?
Import your chart of accounts first, so every account is there to pick.
Who can enter opening balances?
The owner, an admin or your accountant.
Next
Your chart of accounts
See the accounts your money is sorted into, add or rename one, set its default GST and archive the ones you don't use.
Close past periods with lock dates
Stop anyone changing transactions in a period you've finished, and see recent changes to your books.
Trial balance and account transactions
Check every account's balance on a date, and see every entry in one account, the way your accountant does.
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