Introduction
The opening balance is the amount brought forward from the end of one accounting period to the beginning of a new accounting period.
When bringing your existing business from another accounting software, you can specify the opening balance for your accounts.
You are safe to skip this part if you are starting a new business where you start to track everything in Bukku from the beginning.
Follow the steps below to record your opening balance:
Enter your Opening Balance
1. Navigate to Accounting -> Chart of Accounts |
2. Click on the (...) besides +New -> Opening Balance.
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3. Key in the closing date from the previous accounting system.
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4. Enter the opening balance amount for relevant accounts.
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5. Make sure the debit and the credit sides are tally. After that click on Save.
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6. If you have an amount under the Inventory account, Account Receivable and Account Payable, the system will redirect you to Step 2, Step 3, and Step 4 to import or key in outstanding stock, invoices and bills.
 *Make sure the applied outstanding stock are tallied with the Inventory account. *Make sure the applied outstanding invoices amount are tallied with the Account Receivable. *Make sure the applied outstanding bills amount are tallied with the Account Payables. |
7. Once done, click on Save. |
8. Bukku would return to the main page of the Chart of Accounts and the opening balance is updated accordingly. |
Important Notes:
You also can import your opening balance by referring to Import your data from previous accounting software to Bukku.