Enter your opening balances

If your business existed before GodoERP, record where things stood on your start date, so your reports are complete from day one.

What you need

Your trial balance or balance sheet as of the day before your start date (ask your accountant), and the bank balances from your statements.

Steps

1. Bank accounts already carry their own Opening Balance. See Add bank accounts.
2. For everything else, go to Double Entry › Journal Entries › New Journal Entry.
3. Entry Date: your start date. Description: Opening balances.
4. Add one line per balance:
   • money customers owe you → Debit Accounts Receivable
   • equipment, inventory or other assets → Debit the asset account
   • what you owe suppliers → Credit Accounts Payable
   • loans → Credit the loan account
   • the difference → Credit Owner's Capital (or Retained Earnings)
5. Check Totals: debits must equal credits.
6. Click Post Entry.

Important: A posted journal entry can't be edited or deleted. A wrong entry is fixed with a correcting entry, as in any proper set of books. Ask your accountant to check it before you post.

Tip: For a detailed list of who owes you, you can instead enter each unpaid customer invoice as a service invoice dated on the original date.