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Now if you’ve just set up your business, you don’t need to enter opening balances
as everything will start from zero.
If your business has been running for some time, and you’ve been using another form
of accounting software, spreadsheets or cashbooks, then you’ll need to enter opening balances
for the transactions that have already occurred. It may be that you have a trial balance, this
is simply a list of accounts and balances of the money that’s in that account. This
will be provided by your previous package or your accountant.
This information should all be entered into Accountz. It might be that you only have the
balance of the money that you have in the bank when you start your business this can
be entered into the system and other balances can be entered later, there’s no right or
wrong way so you can always enter these balances at any time and if anything’s incorrect
you can always change the dates or change the amounts.
So if we use the Eazy steps to do this it will enter the information into the system
for you and the transactions will end up in the black book. So lets’ go ahead and go
over to the Eazy processes, and set up the opening balances. So just come over to the
setup area and click on opening balances. Ok, so here we go, here we are in the opening
balances section. We can search for an account here it will highlight whatever I’ve searched
for.
So I’m going to go ahead and set some balances. So let’s say I’ve got 1,000.25 in the
bank. So I’ve set the bank. I’m going to go ahead and set my cash account here,
say that I’ve got 100 cash. I’m not going to go ahead and set all the assets, but I’m
going to say what I owe on my credit card and its 125.87 and if you have a full trial
balance then you can also set everything for your sales, so I’m just going to say that
we’ve currently got 2,000 in sales and we can now add some expenses as well. So you
can see its very straight forward here to set your opening balances.
OK, so I’ve done a few. Now if we go ahead it’s going to tell you here what it’s
going to do in the system. It’s a little bit of information and we click finish and
the job will now be done.
So basically, I’m first going to show you where the transactions are in the black book.
Here you can see how you actually do these opening balances in the power mode but the
Eazy steps will do it all for you. And if we go over to the gold coins now, the balances
are not on zero and we’ve set our balances.
So doing opening balances in the system is very easy, you just go ahead and run the Eazy
step, select the accounts that are in that list. If they’re not in there then you need
to create them first but check out the video on how to add accounts for more information
on that.
But that’s it, very easy to do your opening balances and just do them via the Eazy steps.
To set opening balances for your debtors and your creditors check out the video for that
because I’m going to do that in an entirely different video where we’ll show you how
you set opening balances against each debtor and creditor so you can see how much money
is owed to you and how much money you owe them.