The opening balance is the amount of money available in your company’s accounts at the beginning of a new financial period. On Rewaa, you can add your opening balances easily.
Steps to Add an Opening Balance
Go to Accounting > Journal Entries.
Click More.
Select Add Opening Balances.
Set the posting date.
Add account balances:
For a single account (single entry):
Select the account.
Enter the balance in the Debit or Credit field.
For multiple accounts (double entry):
Select the first account and enter the amount in Debit or Credit.
Select the second account and enter the amount in Debit or Credit.
Click Save.
The entry will be created with the label: Opening Balance.
Edit an Opening Balance
Go to Accounting > Journal Entries.
Click the three dots in the Actions column.
Select Edit.
Update the required fields.
Click Save.
The data will be updated immediately in the entry.
FAQs
1. Why did the sequence of entries change after editing the opening balance date?
Entries are arranged by date. When you change the date, the entry is reordered chronologically.
2. How can I print an opening balance entry?
Click Save and Print when adding the balance, or click the 🖨️ icon and complete the steps.