Set and amend opening balances
Before getting started with opening balances in Bokio, make sure you have a breakdown of your balance sheet from the last set of year end accounts you submitted, or from your previous accounting software. Once you have this you’re ready to start entering your opening balances in Bokio
You can find opening balances in Settings → Opening balances (found under Accounting).
Then, enter all your balances under assets, then equity and liabilities as they are on your balance sheet report. You can use the simple drop down menus to choose which account you would like to record the balances in.
- Under assets you should enter debits as positive and any credits as negative
- Under equity and liabilities you should enter any credits as positive and debits as negative
Assets must be equal to the same as equity and liabilities to make sure that your balance sheet balances. Once you have this balance you can then save your opening balances in Bokio, and you will receive a notification.
If you haven’t entered a balance in Trade Creditors (account 2100) or Trade Debtors (account 1100) you are then ready to start using Bokio. However, if you have a balance in either of these accounts you will need to go to the corresponding section in settings and map these balance to the invoices they relate to.
Read more about trade debtors and trade creditors for opening balances