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Migration step 7: enter remaining opening balances


Once you've created invoices and bills (or entered receivables and payables total balances due in Flare's opening balance form) you can enter remaining opening account balances in Flare.

  1. Run a trial balance in your previous accounting system

    Print it so you can refer to it when entering these balances in Flare's opening balance form. The trial balance will cover the entire period up to the day before your conversion date (the date you begin using Flare).

     Example: Your fiscal year is January 1st to December 31st. You begin using Flare June 1st. In this scenario, in your previous accounting system you'd run a trial balance from January 1st – May 31st (inclusively).
  2. Click the Settings gear icon in Flare's top menu (2 below) and click Opening Balance in the Settings left menu (3).


  3. Enter the opening debit and credit balances for each account (4 below), but do not enter receivables or payables if you created invoices and bills for each (see Migration Step 5: Record accounts receivables, and Migration Step 6: Record accounts payables for more information.)

  4. Ensure that total debits equal total credits (5 above).

  5. Click Save (6 above).
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