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Opening Balances

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Zoho Books opening balances are the account, customer and vendor balances you bring in when you start using Zoho Books, whether you are migrating from another system or moving on from manual bookkeeping. Getting them right gives your future transactions and reports an accurate starting point.

Before you start

  • Add all your bank accounts and credit cards to Zoho Books first. Only accounts that already exist will appear in the opening balances section.
  • If you track inventory, import your items with their correct opening stock and value before entering balances, using Zoho Books’ bulk import.
  • Run a trial balance from your previous system as of your opening balance date, so you have the figures ready to enter.

How to enter your opening balances

  1. Go to Settings (the gear icon), then select Opening Balances under Organization.
  2. Choose the Opening Balance Date: your cutover date if migrating, or your business start date if you are new.
  1. You’ll see predefined accounts grouped under Accounts Receivable and Payable, Assets, Expenses, Income, Bank Accounts, Liabilities and Equity. Enter the balance for each relevant account.
  2. Review the figures for accuracy and click Save.

Entering accounts receivable and payable balances

Importing balances for existing customers or vendors

  1. Go to Settings > Opening Balances and enter the Opening Balance Date if you have not already.
  2. Under Accounts Receivable or Accounts Payable, click Import.
  1. Upload your file (CSV, TSV or XLS). You can download a sample file from Zoho Books to match the format.
  1. Map the fields in your file to the matching Zoho Books columns.
  1. Click Next, then Import to complete. Balances are linked to the matching customers or vendors automatically.

Importing customers or vendors with balances together

If you are adding contacts for the first time, go to Sales > Customers (or Purchases > Vendors), click the More icon in the top right, then select Import Customers or Import Vendors.

Upload a file that includes both contact details and opening balances, map the fields, then click Next and Import. This imports contacts and their balances in one step.

Entering balances individually

For a new customer or vendor, go to Sales > Customers or Purchases > Vendors, click + New, enter the contact details, then enter the amount under Opening Balance in the Other Details section and click Save.

For an existing customer or vendor, open the contact, go to the Receivables or Payables section, click Enter Opening Balance, enter or update the amount, then click Save.

Receivable balances increase with each new invoice and reduce as payments are recorded; payable balances increase with each bill and reduce as payments are made.

Creating new accounts for opening balances

If your business uses accounts beyond the defaults, you can create new ones from the same screen.

  1. Go to Settings, then select Opening Balances under Organization.
  2. Click Edit in the top right of the Opening Balances page.
  3. Choose the relevant account category, such as Assets, Expenses or Equity.
  4. In the dropdown, click + New Account.

Give the account a name, select its type, and add an optional description and account code. Tick Add to the watchlist on my dashboard if you want the account shown as a widget on your dashboard, then click Save.

Frequently asked questions

What date should I use for my opening balance?

Use the date you started using Zoho Books: your cutover date if migrating from another system, or your business start date if you are new to bookkeeping.

Can I import customer and vendor balances from a spreadsheet?

Yes. You can import balances for existing contacts, or import contacts and their balances together, using a CSV, TSV or XLS file.

What happens if my debits and credits don’t match?

Zoho Books places the difference in an Opening Balance Adjustment account so your books stay balanced while you locate the discrepancy.

Need help?

Need help migrating your accounts into Zoho Books? Contact support@thoughtlogik.com or see our Zoho migration services.

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