How To Add Opening Balance In The Books App

When using Books App for the first time, you need to enter your Opening Balances as the initial step in setting up your accounting records. Opening balances are used to record the initial balances of each Chart of Account (COA), such as assets, cash, liabilities, equity, revenue, and expenses, based on your financial position as of the date you begin using Books App.

By entering accurate opening balances, your financial reports will correctly reflect your company's financial position from the start of using the application. To add opening balances in Books App, follow the steps below.

Step 1. Go to Accounting Setup and select the Opening Balance

Step 2. Select the opening balance date (optional)

By default, the opening balance date is set to the current date. If necessary, you can change it to match your preferred accounting start date.

This ensures that financial reports, such as the General Ledger, are displayed based on the selected opening balance date.

Step 3. Enter the Debit and Credit amounts for the Chart of Account (COA) to be included in the opening balance

As an example, we have created an opening balance by recording the opening balances of Cash and Bank accounts, including e-wallet balances, cash on hand, and bank accounts, on the Debit side. The corresponding Credit entry is recorded to the Equity account, specifically the Owner A Share Capital account.

Important: The total Debit and Credit amounts must be balanced before submitting the opening balance. If they are not balanced, the Submit button will not be available.

Step 4. Click Submit button to create the Opening Balance

Step 5. The Opening Balance was successfully created

Step 6. Go to Journal and select Manual Journal

The Opening Balance Journal is automatically created based on the Debit and Credit amounts entered in the Opening Balance menu.

To view the details of the journal created during the opening balance process, click the journal number of the Opening Balance Journal.

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