Accounts
Setting opening balances
Enter balances from your previous system when you start using MSME Link mid-year.
5 min read
If you start using MSME Link part-way through a financial year, you need to enter the balances from your previous system so reports are accurate from day one.
- 1Go to Accounts → Opening Balances.
- 2Enter the balance for each account as at your go-live date.
- 3Debit balances for assets and expenses; credit balances for liabilities, equity, and revenue.
- 4The net posting goes to the Opening Balance Equity account automatically.
- 5Review the trial balance after posting to confirm everything balances.
Opening balances are for accounting accounts only. For inventory opening quantities, create a Stock Adjustment dated before your first transaction.