How to Setup or Update Opening Balances

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You can specify the opening balance for your accounts when you are bringing in your existing business from another accounting software.

You are safe to skip this part if you are starting a new business where you started tracking everything in Financio from the start.

Your opening balances should be based on the Start Date you've defined in
Control Panel > Company > Business Settings.

How to Update Opening Balances

1. Go to Control Panel > Accounting > Opening Balance
2. Opening Balance tab Created
3. Input & review the opening balances
   • For accountants
     • Use the Debit/ Credit columns to define the opening balances
   • For non-accountants
     • Use the Balance column to define the opening balances
   • Provide the exchange rate for the amount entered onto accounts / categories in foreign currency
4. Make sure the debit and credit sides tally
5. Click on Save

Additional Notes

• Importing/adding of receivables, payables and inventory only applies to previous year outstanding balances. Invoices, bills and inventory created in current financial year, has to be re-raised into Financio accordingly.
• The balances you enter depend on whether your Start Date* is also the first month of your financial year. If your conversion month:
  • is the first month of your financial year, you enter the opening balances of your asset, liability and equity accounts only.
  • is not the first month of your financial year(for example, if your financial year starts in July but your conversion month is September), you can enter the opening balances of all your accounts