How to add the opening balance for the supplier

The opening balance for a supplier is the amount of money in their account at the start of a new financial period from previous transactions. This money reflects the amounts owed to the supplier for goods and services provided before the start of the new financial period.

#Steps to Add the Opening Balance

1. Go to:

   • Purchases and Suppliers > Suppliers.

2. If the supplier has been added previously:

   • Search for the supplier's name.

   • Click on the icon (✏️) in the Actions column.

3. If the supplier is new and has not been added previously on the platform:

   • Click on the New Supplier option and add the required data:

     • Supplier Name.

     • Supplier Code.

     • Supplier Phone Number.

     • Supplier Address "if available".

4. To add the opening balance

   • Check (✔) the Set Opening Balance option.

   • Set the date.

   • Add the balance "the balance must be entered as a positive value (credit), the system currently does not support adding negative amounts (debit)".

   • Click Save. The data is added successfully. The opening balance appears in the "Credit" column.

#Reflection of the Opening Balance

• Journal Entries

1. Go to Accounting > Journal Entries.

2. The entry is reflected according to the date of the entered opening balance, not the date it was added.

• Accounting Tree

1. Go to Accounting > Chart of Accounts.

2. Click on Liabilities Account v Current Liabilities v Suppliers' Creditors.

• Reports

1. Reports > Inventory > Suppliers' Payables Report.

2. Reports > Financial > Account Statements.

#Modify the Opening Balance

The supplier's balance can be modified before any payment is made, and before the financial period is closed.

1. Go to Purchases and Suppliers > Suppliers > Click on the icon (🖊).

2. Modify the date and the amount owed to the supplier.

3. Click Save.

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#Frequently Asked Questions

1. I mistakenly added the opening balance for a supplier, can it be deleted?
   ​Unfortunately, the opening balance cannot be deleted after it is saved, but you can modify it from the supplier's data page provided there are no payments and the financial period is not closed.

2. Can I import suppliers' opening balances via an Excel file?

   Yes, you can do so through the import feature, for more details, click here.

3. Can I add the opening balance for customers?

   The feature to add the opening balance is currently available for suppliers only, it will be added for customers in upcoming updates. You can now add customer balances through manual entries, noting that manual entries will not reflect on the customer's data.