Opening balance is entered at time of business operations and year after opening balance is carried on from one accounting period to new accounting period. The opening balance can be found on the credit or debit side of the ledger, depending on whether or not the firm has a positive or negative balance. To add an opening balance please follow below mentioned steps:
How to get there!
To update the opening balance in myBooks click on settings > business settings > opening balance.
Update Opening Balance
General details
Select the date from the calendar and if any reference needs to be updated it can be updated in reference field.
Debit and Credit details
Choose the account from the dropdown and if any description for the account has to enter it can be entered in the description field. Enter the amount in the debit or credit field. The amount cannot enter both in debit and credit at the same time for the same account. If additional accounts have to be updated the same process can be followed. Press save to save the opening balance.