This guide explains how to edit the opening balance entry that the program automatically creates, if needed.
- This guide is for a new company that has no bookkeeping history prior to starting with SimplBooks.
- If your company’s bookkeeping has already been done in another program and you are migrating it to SimplBooks, see the guide for entering opening balances here.
Starting the bookkeeping
You can start using SimplBooks and doing bookkeeping as soon as the program has an opening balance entry. The program automatically creates journal entry number 1, i.e. the opening balance entry, on the first day of the current year when the environment is set up for your company.
- If you are doing bookkeeping from that point onwards, the opening balance does not need to be changed.
- If you are also doing bookkeeping for a period in the previous calendar year, the date of the opening balance entry must be changed.
📢 Even though a new company has no actual opening balances, the entry is still necessary. It signals to the program that the bookkeeping period has started.
1. Find the opening balance entry under Accounting > Journal Entries.
2. Open the entry and select Edit Entry
- The opening balance entry number is automatically 1.
3. Make the necessary changes
Update the required fields:
- Description: for example, “Opening balances”.
- Date: The date from which you are doing bookkeeping in SimplBooks. Typically the first day of the first financial year.
Save the entry.
📢 Note! If you have already made other entries in the program before updating the opening balances, or if you want to start adding transactions right away, don’t worry! The opening balance entry can also be changed later.
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