Opening balances

If you've just started your business, you don't need this page. If your data is in another program (Qoyod, Daftra, Zoho), the fastest route is Moving from another program: it brings customers, suppliers and items with their balances in one go. If you're moving to Rowdx from other software or manual books, record balances as of your start date — usually the first day of a month or fiscal year.

Before you start

From your old system, as of the start date, prepare:

• The trial balance with all account balances.
• Customer balances (who owes you, and how much).
• Supplier balances (whom you owe, and how much).
• A stock count: quantity and cost per item per warehouse.

1. General ledger balances

In Rowdx

1. Accounting
2. Journal Entries
3. New

1. Set the entry type to Opening Entry.
2. Use the start date as the posting date.
3. Add a line per account with its balance: banks, cash, fixed assets, loans, capital, etc.
4. Make sure total debit equals total credit, then submit.

Customers, suppliers and stock

Don't put customer, supplier and stock balances into this entry as totals. Record them as described below so they show up in statements, ageing and stock balances.

2. Customer and supplier balances

Record each customer's and supplier's balance on its own line in the opening entry, setting the party type (customer or supplier) and the party, so the balance appears in their statement.

To track each open invoice with its due date, record the open invoices themselves instead of the total.

3. Stock balances

In Rowdx

1. Stock
2. Tools
3. Stock Reconciliation

Create a stock reconciliation dated on the start date with purpose Opening Stock, and enter warehouse, quantity and valuation rate for each item.

4. Check

Open Accounting → Financial statements → Trial Balance as of the start date and compare it with the trial balance from your old system. The balances should match.