Once you have setup the Conversion Date, you can enter all the account balances from your previous accounting software or record through your accounting latest Trial Balance.
Where can you source for the last balance figures from your Chart of Account?
Get it from Trial Balance in your previous accounting software. Generate the Trial Balance based on the conversion date you chose earlier. Then enter each field in every row based on the trial balance figures.
Make sure the Adjustment figure will always show zero value because it means that your opening balance is truly balanced. Then you can save this Opening Balance.
Bank Account
There is no need for you to create the Opening Balance when you create new Bank Account. Opening Balance in this Setting will take care of that.
Outstanding Invoices
Notice if you have balances in your Account Receivable and Account Payable. You need to recreate the outstanding Sales Invoices and Purchase Invoices at this Opening Balance page. This will help you to track their payment after you have migrated to SimpanKira cloud accounting.
You can delete the Opening Balance if you have entered wrong account balances and you want to start over.
Historical Balance
You may see a historical balance account appears in your Balance Sheet report. This historical balance account functions to balance the double entry transaction of your accounting transactions when you enter the Opening Balance values into the Conversion Balance table. Is it automatically done.