You can easily import your opening balances to a prior period.
Ensure you have the correct period selected in AccountsPrep; the first period that you want to post transactions into.
📌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 prior period.
Under the first step on this page, download and populate one of the two CSV file templates provided.
CSV Template 1
CSV Template 2
📌TIP: Underneath them are the rules for importing and tips for completing the templates.
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. If there are no errors, you'll be brought to the review page.
This review page shows the following:
Summary of the import - displays the number of new accounts in the import file, the number of existing accounts (with balances to import), and also the number of unused accounts (existing accounts without balances to import)
New account identified - If you imported them using CSV Template 2 with the 'Name' column populated, this name will be pre-populated; otherwise, you can enter it manually for the new account. Then select the class/subclass and designate the account as a bank account if applicable (see step 8 below)
Balances imported - You can adjust these before saving
Date to import opening balances - This defaults to the period start date, however, you can toggle this to a later date
📎NOTE: You'll be informed about how this will subsequently prevent you from entering transactions any earlier than this date.
Once you're happy with the opening balances, click Save and you'll be brought to a summary of the import.
The balances on all new or existing accounts marked as bank accounts in the opening balance import routine will be reflected in the Bank module.
📌TIP: If you need to edit the opening balances later you can do so in Accounting > Edit Opening Balances.
📎NOTE: You can also use Edit Opening Balances to enter your opening balances for the first time, as well to edit them.
However, in the majority of cases we recommend to use Import Opening Balances. It's more efficient to do this when, for example, there are more than 10 account balances. and you have the ability to create new accounts as you do it.