Businesses migrating from another accounting system to Flare may want to record their previous system's account balances as opening in Flare before using Flare daily. You can use Flare without entering opening balance, and, they can be entered at any time, but doing so will provide more accurate financial data and reports. You may want to invite your accountant or bookkeeper to enter them for you.
Entering opening balances is usually just one of several migration steps, including:
- Choose a conversion date - the date you'll begin using Flare.
- Run a trial balance in your previous account system.
- Choose chart of acccounts.
- Create sales tax.
- Record accounts receivables.
- Record accounts payables.
- Enter remaining opening balances except receivables and payables into Flare's opening balance form.
- Define your fiscal year.
For a step-by-step guide to migration, see Migrating to Flare.
To enter opening balances, do the following:
- Click the
- In the Opening Balance Adjustment form, enter the balances (3 below) from a trial balance you ran in your previous accounting system.
Drag (A above) to re-order accounts.
- Make sure that total debits equals total credits (4 above).
- Click (5 above).
You can edit opening balances at any time.