Adding a New Opening Balance

This article explains how to add opening balances in Qoyod for different account types (general accounts, products, customers, suppliers, and fixed assets), and how to import them in bulk from an Excel file.

Path in Qoyod

Accounting › Manual Journal Entries › Opening Balances

Basic Steps

1. From the “Accounting” dropdown, open “Manual Journal Entries”.
2. Click “Opening Balances” at the top of the page.
3. Choose the type of opening balance you want to add.
4. Fill in the data according to the type.
5. Click “Save”.

Opening Balance Types

1. Accounts

Covers all asset, liability, and equity accounts, except the ones entered separately (products, suppliers, customers, and fixed assets).

• Date.
• Description.
• Opening balance account.
• Account name.
• Opening balance amount.

2. Products and Costs

Used to enter opening inventory quantities for goods carried over from the previous year.

• Date, description, opening balance account.
• Product, location.
• Average value, quantity.

3. Customers

• Date, description, opening balance account.
• Customer name, opening balance amount.

4. Suppliers

• Date, description, opening balance account.
• Supplier name, opening balance amount.

5. Fixed Assets

Covers the asset’s cost, accumulated depreciation, and the date of the last depreciation entry.

Importing Opening Balances in Bulk

For every type above, Qoyod supports import via an Excel file:

1. Click “Import Opening Balances” for the required type.
2. Fill in the date and description, and set the opening balance account.
3. Download the Excel template from Qoyod.
4. Fill in the file and save it.
5. Click “Upload New File” to complete the import.