In hAibooks, Opening Balance is the way to add the opening balances from your previous accounting system. It allows you to make adjustments on the bank accounts. You can only add an opening balance once. Learn how to create a Journal and how to manage Journals.
How do I add an Opening Balance ?
Select Accounting from the side bar menu and then Journals from the drop-down menu.
Click on Add Opening Balance.
Opening Balance Information
Issue Date : the date your business starts using hAibooks.
Document Number : the system automatically provides you with one but you can change it if you wish to as long as it is not already used.
Reference : give a description to identify the opening balance.
Account : select the right account for your opening balance. If you wish to create a new one, click on Add Account.
Description : give a description to identify the item.
Debit : enter a Debit or a Credit amount. If you are not sure about this then contact your accountant.
Credit : enter a Debit or a Credit amount. If you are not sure about this then contact your accountant.
Add Item : you can create an another item in the opening balance by clicking on Add Item.
How do I Save an Opening Balance ?
If you are happy with your Opening Balance, you can click on Save & Approve and the Opening Balance will be added to your Posted tab.
If the information of the Opening Balance is incomplete or if you want to finish it later, you can click on Save as Draft and you will find the Opening Balance in the Drafts tab.