Any organization that has recently switched to Zoho Books will have to undertake certain tasks. You will have to make sure that the details from the previous accounts from any other accounting software are brought in. This task shall include former inventory sales, customers and vendors, various journal entries and more. To accomplish all these tasks, you must enter all your opening balances. This blog will teach you the steps on how to add opening balances in Zoho Books. We’ll also uncover the necessary information that may be required along with the procedure.
You can reach out to Zoho Support via 1-(855)-856-0042 if you can’t understand any of the steps performed below.
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Pre-Requisites Before You Enter the Balance
You should be aware of certain pre-requisites before you perform the actuals steps. Doing this will help you understand the process in a much easier way. Go through the steps given below:
- You need to add all your bank accounts and credit cards.
- You also need to add items along with their stock details. It’s easy to import all your items in Zoho Books and track them.
- Generating a trial balance on the date of migration is also crucial. This helps as you do not miss out any transactions or data entered later.
With these points, you can move to the following section that’ll cover the actual steps to add opening balance in Zoho Books.
Steps To Add Opening Balance in Zoho Books
This section will go through the steps that you must implement correctly to add an opening balance in Zoho Books. Go through the measures given below:
- To enter or add the opening balance, click on Settings. Now, choose Opening Balances.
- You can now enter the opening balance date. This date should be the date you’ve started using Zoho Books. This step is required for both new and existing businesses.
- Enter the balances of all your Receivables or Payables. Enter the amount for Other Accounts to continue. You can either import opening balances of customers/vendors or you can import with opening balances. Entering the amounts manually is another way of achieving this task.
- To import opening balance of customers/vendors, you can move to the settings and choose Opening Balances. You can enter the Opening Balance Date. Move to the Accounts Receivable or the Accounts Payable section, and then click on a link as per the situation. Choose File and then click on Next. Now, click on Next and import your data.
- You can even enter opening balance for other accounts by moving to the settings and choosing Opening Balances. Move to the Opening Balances section and go to the required category.
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Conclusion
This blog covers the essential steps you must take to add an opening balance in Zoho Books. Following these instructions will help you with your query “how to add opening balance in Zoho Books”. Make sure to follow all the steps with the utmost attention. To learn more about the procedure, you can contact Zoho Support 1-(855)-856-0042.
Erica Watson is writing about accounting and bookkeeping for over 7+ years, making even the difficult technical topics easy to understand. She is skilled at creating content about popular accounting and tax softwares such as QuickBooks, Sage, Xero, Quicken, etc. Erica’s knowledge of such softwares allows her to create articles and guides that are both informative and easy to follow. Her writing builds trust with readers, thanks to her ability to explain things clearly while showing a real understanding of the industry.