Enter opening balances

Opening balances bring the figures from your old books or spreadsheet into Books on your opening date, so your balance sheet starts from the right place. Books posts them as one balanced entry; any difference goes to opening balance equity.

Before you start

• Finish the first step of Set up Books, so the chart of accounts exists.
• You need the Books right Set up Books and lock periods.
• Have your accountant confirm the opening date and each amount.

Steps

1. Open Books → Set up Books, go to the Opening balances step and select Opening balances.
2. Check the Date. It is your Books opening date unless you change it.
3. Read the three figures at the top: Customers owe, Owed to suppliers and Stock at current cost. They are today's live balances, shown as a guide only.
4. In the first row, choose an Account and type its Balance. Enter debit balances as positive numbers and credit balances as negative numbers.
5. Repeat for each account that had a balance, up to twelve rows.
6. Select Post entry.

To correct a figure later, open the form again, change the amount and select Post entry. Books posts only the difference.

Good to know

• You can enter at most twelve accounts. Put smaller balances together in a parent account if you have more.
• The date is fixed once the first opening entry is posted.
• Once you close your first month, the opening figures are frozen for good, even if you reopen that month. See Close a month.
• Opening balances do not change any customer's or supplier's own balance and do not move stock. Books has no opening invoices: unpaid invoices from before your opening date are not listed one by one. Agree with your accountant how to bring them in.
• The guide figures are today's values, not the values on your opening date. Use the figures from your old books.
• Bank and cash opening balances also show on each account under Banking and cash. See Manage bank and cash accounts.