A. Firstly, make sure that you have the correct period selected in AccountsPrep i.e. the first period that you want to post transactions into (you can create a new prior period in the Settings -> Period End Dates option).
B. Go to Accounting -> Import Opening Balances (if you can't see this option, you're not in the earliest prior period!).
C. Download and populate one of the two CSV template formats provided. Once completed, upload or drag the file as indicated and select 'Import'. Any errors will be displayed; otherwise you will be brought to the review page:
- 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 imported using "CSV Template 2" with the 'Name' column entered, this name will be pre-populated; otherwise, it can be entered manually for the new account. Then select the class/subclass and designate the account as a bank account if applicable (see step E below).
- Balances imported: can be adjusted before saving.
- Date to import opening balances: defaulted to the period start-date; this date can however be toggled to a later date (you will be informed about how this will subsequently prevent you from entering transactions any earlier than this date).
D. Once you're happy with the opening balances, select 'Save' and you will be brought to a summary of the import:
E. 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:
F. If you subsequently need to edit the opening balances you can do so in Accounting -> Edit Opening Balances:
Note that you can also use Edit Opening Balances to enter your opening balances for the first time (as well as performing subsequent edits to them); however in the majority of cases Import Opening Balances is more advisable - it is more efficient (e.g. where there are more than 10 account-balances) and you have the ability to create new accounts “on the go”.