You can import or add your opening balances in the first period set up in your account.
The import allows you to add opening balances and import new accounts at the same time. If the accounts are already present in the Chart of Accounts, you can simply edit the opening balance directly on-screen.
Import your opening balances
KNOWN ISSUE: If you need to add new accounts, there’s currently an error preventing you from selecting the class during the import. The development team is looking into it. As an alternative, you can add or import your new ledger accounts before you can import the opening balances.
Ensure you have the first period selected in AccountsPrep.
📌TIP: You can create a new prior period in Settings > Period End Dates.
Click Accounting.
On the dropdown, click Import Opening Balances.
If you can't see this option, you're not in the earliest period.
Under the first step on this page, download one of the two CSV file templates provided.
CSV Template 1 (Code and Amount only)
CSV Template 2 (Code, Name and Amount)
Fill in the template, making sure to follow the rules and tips provided.
Once complete, under the second step click -Choose file- to upload or drag into the box.
Click Import.
Errors will appear if you have any. Errors will occur if you don't follow the specific format and headers.If there are no errors, the review page will display.
Review and complete the missing details.
The review page shows the following:
Summary: The first panel will summarise the number of new, existing and unused accounts in the import file.
New accounts:
If you imported new accounts using the CSV template 1, you need to add the name directly on the page.
For all new accounts, you also need to select the class and designate the account as a bank account if applicable.
Existing accounts: You can adjust the balance before saving.
Unused accounts: Those are the accounts that are already present in your chart of account, but aren’t in the import file.
Date to import opening balances: This defaults to the period start date but you can toggle this to a later date.
📎NOTE: If you select a later date, this will prevent you from entering transactions any earlier than this date.
Once you're happy with the opening balances, click Save.
📎NOTE: The balance must be zero. If not, you’ll get an error. If not balanced, the difference will show in red.
After importing, the Transactions Search window in the Reports section will open automatically.
The balances on all accounts marked as bank accounts will impact the Bank module.
Add or Edit the opening balance
You can edit the opening balances at any time from Accounting > Edit Opening Balances. This is only available in the first period.
You can use this page to either enter a new balance for the first time, or edit existing balances.
📎NOTE: You can also use Edit Opening Balances to enter your opening balances for the first time, but we recommend using the Import Opening Balances.
It's more efficient to do this when, for example, there are more than 10 account balances. The Import allows you to add new accounts in bulk where the Edit opening balances page doesn't.
📌TIP: The Quick Journal allows you to edit your balance in any period.