The system includes a full import & set up wizard to import opening balance information, as well as customer and supplier accounts, stock items and more. To import opening balances from a legacy application, the data should be prepared with a clearly defined cut-off date with all data up-to-date and completed.

We recommend that opening balances are input from a legacy system trial balance, preferably at a VAT quarter end if the business is VAT registered, and/ or a year end, so that there is a definitive ‘cut off’ between the two systems, and that:

1. individual customer and supplier balances (or indeed individual invoices and credits) are entered in lieu of the nominal control account balances so that these can be expedited and paid off in the normal way;

2. bank statement balance and unpresented receipts and payments are entered in lieu of the nominal account balances so that these can be reconciled against subsequent bank statements in the normal way.

There is also a special input for:

3. entering fixed asset balances where you can set up the basic details required to generate the depreciation calculation, and then select the asset to enter current book values from your legacy system trial balance;

4. entering finance agreements (hire/ lease purchase loans) where you can enter the residual balances so that the system can correctly calculate the ongoing repayments.

All opening balance transactions are posted to the account specified on the input form, and the ‘opposite entry’ is posted to the Opening Balance Suspense account which should be zero on completion of the input.

To start the Opening Balance import process, navigate to Accounts > New > New Opening Balance.

The fast method of importing opening balances is via the Setup Wizard, which is explained in more detail in another tutorial.