If you are switching to TrulySmall Accounting from a bookkeeping system you've previously used, you will need to enter all opening balances correctly. Connected accounts automatically have their Opening Balance set when the account is first added to your business. However, for non-connected accounts you need to set them manually using a Trial Balance report from the previous bookkeeping system.

Before you begin you will want to ensure that your:

  • Accounts are Reconciled: Confirm that your bank, credit card, and other accounts in the general ledger are consistent, accurate, and complete.

  • Trial Balance is Accurate: The trial balance is all your general ledger accounts and their individual account balances. Many businesses create adjusting entries at the end of their fiscal year to ensure these are accurate.

If you are unsure about either of these, consult with your bookkeeper or accountant. Once you are confident that your data is accurate, you can set your account balances in TrulySmall Accounting.

Set an Opening Balance

Click on Accounts in the menu, then locate and right-click on your first account in the list and select the Edit Account option.

The start date will be set to your Business' Transaction Start Date. Enter the amount from the Trial Balance report into the "Opening Balance" field and click on the Save button.

Pro tip: You can also click on Edit Account on the top right corner to add an Opening Balance.

Related article: Accounts

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