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How to Add an Opening Balance for a Supplier

Updated over a week ago

The supplier's opening balance is the amount recorded in their account at the beginning of a new financial period, based on previous transactions. It reflects the outstanding amounts owed to the supplier for goods or services provided before the new period begins.

Steps to Add the Opening Balance

  1. Go to:

    Purchases & Suppliers > Suppliers

  2. If the supplier is already added:

    • Search for the supplier's name.

    • Click the Edit icon (✏️) in the Actions column.

  3. If the supplier is new:

    • Click New Supplier and fill in the required fields:

      • Supplier Name

      • Supplier Code

      • Phone Number

      • Address (optional)

  4. To set the opening balance:

    • Check the box (✔️) next to Set Opening Balance

    • Select the Date

    • Enter the Amount. “The balance must be a positive value (credit). The system currently does not support negative (debit) balances”.

    • Click Save. The data will be saved successfully, and the opening balance will appear in the Credit column.
      ​

Where the Opening Balance Appears

  • Daily Journal Entries

    1. Navigate to: Accounting > Daily Journal Entries

    2. The journal entry reflects the date you set when entering the opening balance, not the date it was added.

  • Chart of Accounts

    1. Navigate to: Accounting > Chart of Accounts

    2. Click: Liabilities > Current Liabilities > Accounts Payable

  • Reports

    1. Reports > Stock Control > Supplier Credit Lifetime Report

    2. Reports > Finance > Account Statements
      ​

Editing the Opening Balance

You can edit the supplier’s opening balance only if:

  • No payment has been recorded

  • The financial period is still open

  1. Go to: Purchases & Suppliers > Suppliers > Edit icon (🖊️)

  2. Update the date and amount

  3. Click Save.

FAQs

  1. I entered the opening balance by mistake. Can I delete it?
    ​     Unfortunately, once the opening balance is saved, it cannot be deleted. However, you can edit it as long as no payment has been made and the financial period is still open.

  2. Can I import supplier opening balances using Excel?
    ​     Yes. You can import opening balances using the supplier import feature.
    Click here for more details

  3. Can I add an opening balance for customers?
    ​     Currently, the opening balance feature is available only for suppliers. It will be extended to customers in future updates.
    In the meantime, you can add customer balances manually using journal entries, but these entries will not reflect in the customer's profile data.

Related Articles
Installing and Setting Up the Accounting Application
Opening Balance Addition
Supplier Account Statement
Supplier Movement Report
Account Transactions
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