Opening balances
Enter starting balances as of your conversion date — bank, receivables, payables, inventory, fixed assets, loans, and equity — and verify they tie to your prior books.
- Plans
- Core and above
- Availability
- Available
- For
- Accountants, Bookkeepers, Owners
- In KontoCore
Accounting → Opening balances
In plain English
If you’re not bringing your full history, tell KontoCore what everything was worth on day one.
What this does
Opening balances are a dated set of balances, usually from your prior trial balance on the conversion date. Open customer invoices and vendor bills should be entered individually so they can be paid and aged.
Any difference posts to Opening balance equity, which should be zero (or moved to retained earnings) once everything is entered.
Before you start
- Get a trial balance, AR aging, and AP aging from your old system as of the conversion date.
- Pick a conversion date — usually a month or year end.
How to
Enter opening balances
- 1Open Accounting → Opening balances and set the conversion date.
- 2Enter balances per account from your trial balance.
- 3Enter open invoices and bills individually (or import them).
- 4Review the check: debits equal credits and Opening balance equity is explained.
- 5Post.
Corrections, voids, and reversals
- Adjust an opening balance with a dated correcting entry; once the first period is closed, reopening is required.
Permissions
- Owners, administrators, and accountants.
What happens in your books
One balanced, dated opening entry.
| Account | Debit | Credit |
|---|---|---|
| Checking | 12,000.00 | |
| Equipment | 30,000.00 | |
| Loan payable | 20,000.00 | |
| Opening balance equity | 22,000.00 |
Common mistakes
- Entering AR as one lump sum, so customers can’t be credited for payments.
- Leaving a balance in Opening balance equity.
Troubleshooting
Bank reconciliation doesn’t start at the right amount
The bank opening balance date or amount differs from the statement.
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