How to enter opening balances

Step 1: Open the account

Open Accounting > Chart of Accounts > Account List, find the account (for example your bank account) and press Opening balance.

Step 2: Set the balance

The window shows the account's current calculated balance. Choose Set balance to to enter the exact balance, or Add or subtract to adjust it. Enter the amount and the As of date, then press Post.

What happens

ChecKmate posts a balanced journal entry against Opening Balance Equity for the difference. It shows in Journal Entries like any other transaction.

Good to know

• Use your bank statement or last year's accounts for the figures, as at the day before you started on ChecKmate.
• Ask your accountant to check the Opening Balance Equity account once all balances are in.