Any company or organization that has recently made a switch from another accounting software to Zoho Books need to make sure that all the books are transferred correctly. This will include your previous inventory levels, sales, and purchase details, etc. To make sure that everything is delivered with perfection, you will have to enter all your opening balances. This blog will decode for you how to add opening balance in Zoho books. You’ll get the necessary information with this blog to execute the process of adding opening balance in Zoho Books.
Reach out to the Zoho Support Team if you require expert’s assistance or for this process
Pre-Requisites Before You Enter Opening Balances in Zoho
Given below are some of the points you should know before you execute the actual process. Go through the points stated below:
- If you switch to Zoho at the end of your financial year, then, keep in mind, that the closing balances of all the previous years will be entered as the opening balances for the current year in Zoho Books.
- If you switch to Zoho within the financial year, you can generate a Trial Balance to identify your debit and credit balances of your accounts.
- Make sure to add all your bank accounts and credit cards.
- Also, add your items alongside their stock details. You can conveniently import all your items in Zoho Books and track them.
- You should also generate a trial balance on the date of the migration so that you don’t miss out on any transactions or data entered at a later stage.
Now that you know these points, you can move to the actual steps that’ll help you add opening balance in Zoho Books.
Steps To Add Opening Balance in Zoho Books
This section will cover the actual steps you must take to add opening balance in Zoho Books.:
- Click on Settings. You can find this option in the top right corner of the screen. Choose Opening Balances.
- Now, enter the Opening Balance Date. This date will be the date you’ve started using Zoho Books. Keep in mind that this applies to both new and existing businesses.
- Now, enter all your balances for all your Receivables or Payables or Other Accounts to continue.
- After these steps, you can import opening balances of customers/vendors.
- After this, you can import customers/vendors along with their opening balances. Make sure to enter opening balances of customers/ vendors individually. Finally, you can enter opening balances for other accounts or create new accounts.
This blog teaches you on how to add opening balance in Zoho Books. You also learnt about certain pre-requisites that you should be aware of before you begin the actual process. With the measures explained you can easily add opening balance in Zoho Books. You can also reach out to the Zoho Support Team if you need quick assistance