Setting up your opening balances is an important step to ensure accurate books.
Opening balances are the first entries you will recording into Wafeq at the beginning of your accounting period in Wafeq. Let’s follow an example:
If you are moving to Wafeq on the 1st of January, you will need to do the following:
- Export your trial balance from your previous software indicating your closing balances as of the 31st of December. These balances are the opening balances that you will be entering in Wafeq journal.
- Go to the Manual journals module in the left side menu.
- Indicate the Date when you will be moving to Wafeq (in this case it is the 1st of January).
- (Optionally) Add a Note for this transaction.
- Select the base Currency in which all your journals will be recorded.
- Double click the Lines sell to open your journal line item edit form. In this form, you will be able to enter all your account’s opening balances.
- Organize your external spreadsheet following the journal line item edit form’s header.
- Copy your details from your previous software’s trial balance into their corresponding fields.
- Enter a short Description such as Opening balance from previous software
- In the Account column, enter your accounts’ names. The Account column is a drop-down menu, this means that all your accounts’ names should be case sensitive for Wafeq to recognize them when you paste your entries. e.g. If your account’s name is Furniture and Equipment, make sure that as it is in the spreadsheet you are preparing.
- In the Debit column, enter your accounts’ positive balances.
- In the Credit column, enter your accounts’ negative balances.
- Sum up your balances in your spreadsheet and make sure that it matches the sum of the balances in your previous software’s trial balance.
- Add a final row with the same Description, for your Opening Balance Offset account and debit or credit it with the sum of your balance’s amount to balance out the journal.
- Copy your spreadsheet data, and paste them into Wafeq’s journal line items’ form.
- Click Save.
Now, all your accounts’ opening balances are in Wafeq and you can continue your bookkeeping.