How to Record Opening Balances in Qoyod: Accounts, Customers, Suppliers, Products, and Fixed Assets with Excel Import Steps

First: When Do You Need to Enter Opening Balances?

Opening balances are entered in the following cases:

1. When creating a new company in the system.

2. When migrating from an old accounting system to Qoyod.

3. When converting an entity that was using manual ledgers or another system.

️ Important:

• Opening balances are entered on the first day of the period you will begin working on in the new system.

• When starting a new fiscal year within Qoyod, you do not need to enter opening balances because the system automatically carries forward the balances.

• The system allows you to enter balances at any time (unless the fiscal year is closed).

Types of Opening Balances

From the page:

Accounting > Manual Entries > Opening Balances

You will find the following types:

• Accounts

• Products and Costs

• Customers

• Vendors

• Fixed Assets

Adding opening balances in accounting entries requires some precise steps, which are organized according to the type of data you need to add. Here are the steps in a simplified way:

1. Step One: Access the Manual Entries Page

• From the dropdown menu, select Accounting.
• Select Manual Entries, then click on Opening Balances at the top of the page.

2. Determine the Types of Opening Balance Entries

The type of opening entry is determined based on the account you will be adding:

• Accounts: for assets, liabilities, and equity accounts.
• Products and Costs Account: to add remaining inventory from the previous year.
• Vendors Account: accounts payable.
• Customers Account: accounts receivable.
• Fixed Assets Account: includes asset cost data, depreciation, and the date of last depreciation.

First: Adding Opening Balance for Accounts:

Used to enter:

• Assets

• Liabilities

• Equity

• Expenses and Revenue

• From the dropdown menu, select Accounting.
• Select Manual Entries, then click on Opening Balances at the top of the page.
• Select the entry type “Accounts“

Then fill in the data:

• Date: select the date of the opening balance.
• Description: enter a description for the entry.
• Opening Balance Account: this is the equity account that the balances will be loaded to, and a list of equity accounts will appear
• Account Name: select the account you want to enter the opening balance for
• Opening Balance: enter the amount.
• Then save: the system will load the opening balance to the opening balance account you selected, and you can choose the default account from the chart of accounts “3201 – Opening Balances”

  (or any equity account you choose).

Can You Edit the Opening Balance for Accounts?

Yes, you can edit the opening balances added to accounts.

To import opening balances for accounts through Excel:

1. From the dropdown menu, select Accounting.
2. Select Manual Entries, then click on Opening Balances at the top of the page.
3. Select the entry type “Accounts“
4. Click on “Import Opening Balances for Accounts” in the top options.
5. Fill in the Date and Description fields, then select the Opening Balance Account.
6. Click on “Download in xlsx format from here” to download the template.
7. Fill in the data (account code, opening balance)

8. Click on “Choose File” and select the file, then click on “Upload New File” to import the balances.

Second: Adding Opening Balances for Products

• From the dropdown menu, select Accounting.
• Select Manual Entries, then click on Opening Balances at the top of the page.
• Select the entry type “Products and Costs“

Then fill in the data:

• Date: select the date.
• Description: enter a description for the entry.
• Opening Balance Account: this is the equity account that the balances will be loaded to, and a list of equity accounts will appear. You can select the “Opening Balances” account
• Product: select the product.
• Location: specify the product location.
• Average Cost: enter the value of the products.
• Quantity: specify the quantity.

To import opening balances for products:

1. From the dropdown menu, select Accounting.
2. Select Manual Entries, then click on Opening Balances at the top of the page.
3. Select the entry type “Products and Costs“
4. Click on “Import Opening Balances for Products” from the top options.
5. Add the date, description, and opening balance account
6. Click on “Download in xlsx format from here”
7. Fill in the data in the Excel file where a page will appear for each location and you can navigate between them from the bottom, and for each page you must fill in the following data (product serial number, average cost per unit, quantity).

8. Click on “Choose File” and select the file, then click on “Upload New File” to import the balances.

Important Notes:

When entering an opening balance for inventory:

• Enter:

  • Quantity

  • Average cost per unit

• Directly affects:

  • Average cost

  • Cost of goods sold later

An accounting entry is automatically created that appears in manual entries:
It increases inventory and increases the opening balances account.

You cannot edit the opening entry for products after adding it.

Reason:
Related to quantities and average cost.

Solution:
You must delete it and re-enter it with the correct values.

Third: Adding Opening Balances for Customers

• From the dropdown menu, select Accounting.
• Select Manual Entries, then click on Opening Balances at the top of the page.
• Select the entry type “Customers“

Then fill in the data:

• Date: select the balance date.
• Description: enter a description for the entry.
• Opening Balance Account: a list of equity accounts will appear.
• Customer Name: select the customer previously added to the customer list, and you can search for them by entering their name.
• Amount: enter the amount due.

To import opening balances for customers:

1. From the dropdown menu, select Accounting.
2. Select Manual Entries, then click on Opening Balances at the top of the page.
3. Select the entry type “Customers“
4. Click on Import Opening Balances for Customers.
5. Add the date, description, and opening balance account.
6. Click on “Download in xlsx format from here” to download the Excel file where you will see the names of all added customers, and only add the opening balance for the customers you want to record opening balances for and leave the other customers as they are.
7. Click on Upload New File.

Note:

• If the customer’s opening balance is negative or unnatural (i.e., a credit balance), you can enter the opening balance as negative by placing a (-) sign next to the number, for example: (-5000)

• When entering an opening balance:

  • No invoices are created

  • No vouchers are created

  • The balance appears in the account statement as “opening balance”

  ️ Very Important:

  You cannot allocate payments later against this balance.

  If you want the ability to allocate later:
  You must enter them manually as invoices and vouchers, not as an opening balance.

  You can edit customer and vendor balances later.

Fourth: Adding Opening Balances for Vendors

• From the dropdown menu, select Accounting.
• Select Manual Entries, then click on Opening Balances at the top of the page.
• Select the entry type “Vendors“

Then fill in the data:

• Date: select the date.
• Description: enter the description.
• Opening Balance Account.
• Vendor Name: select the vendor from the list of previously added vendors.
• Amount: enter the amount due.

To import opening balances for vendors:

1. From the dropdown menu, select Accounting.
2. Select Manual Entries, then click on Opening Balances at the top of the page.
3. Select the entry type “Vendors“
4. Click on Import Opening Balances for Vendors.
5. Add the date, description, and opening balance account.
6. Click on “Download in xlsx format from here” to download the Excel file where you will see the names of all added vendors, and only add the opening balance for the vendors you want to record opening balances for and leave the other vendors as they are.
7. Click on Upload New File.

Fifth: Adding Opening Balances for Fixed Assets

• From the dropdown menu, select Accounting.
• Select Manual Entries, then click on Opening Balances at the top of the page.
• Select the entry type “Fixed Assets“

Then fill in the data:

Basic Data:

• Date: select the last day of the fiscal year or the date of the last depreciation.
• Description: enter the description.
• Opening Balance Account: select the appropriate account from the dropdown list which displays equity accounts.
• Last Depreciation Date: select the last depreciation transaction so that depreciation is calculated after this date.

Asset Data:

• Asset Name: select from the list.
• Quantity: specify the quantities if there are multiple.
• Asset Reference Number: will appear automatically once you select the asset.
• Purchase date.
• Asset Cost: enter the asset cost.
• Salvage Value: if the asset is depreciable.
• Accumulated Depreciation: enter the accumulated depreciation.
• Book Value: will be calculated automatically.

To import opening balances for fixed assets:

1. From the dropdown menu, select Accounting.
2. Select Manual Entries, then click on Opening Balances at the top of the page.
3. Select the entry type “Fixed Assets“
4. Click on Import Opening Balances for Assets.
5. Enter the date, description, opening balance account, and last depreciation date
6. Click on “Download in xlsx format from here” to download the Excel file and fill in the following data for each asset: “asset name, purchase date in (day/month/year) format, asset cost, salvage value if the asset is depreciable, accumulated depreciation if it is depreciable”
7. Upload the Excel file after filling it in.

Important Notes:

• You must create the asset first from the Fixed Assets page, then enter its opening balance. You cannot enter the asset directly from the balances page.

• You cannot edit the opening balance for assets after adding it.

  Reason:
  Related to depreciation and book value.

  Solution:
  Delete the balance and re-enter it.

Can You Enter Balances If the Fiscal Year Is Closed?

You cannot enter opening balances in a closed fiscal year.

Import via Excel

• The system provides an official ready-made import template.

• You cannot use an external file in a different format.

• There is no maximum limit for the number of rows.

• Accounting entries are automatically created after upload.

The balance will be duplicated.

The system does not prevent duplication.

Therefore, you must ensure entry is done only once.

Import via Excel

• The system provides an official ready-made import template.

• You cannot use an external file in a different format.

• There is no maximum limit for the number of rows.

• Accounting entries are automatically created after upload.

Review Opening Balances After Entry

To view them:

Accounting > Manual Accounting Entries and the opening balances will appear among the entries with “Opening Balance” in the description column

You can easily search and filter opening balances using the filter options. In the description field, enter:

“Opening”

and all opening balance entries will appear.

Available options:

• View

• Print

• Download PDF

• Delete (if allowed)

• Duplicate

Here is the training video:

How to Add Opening Balances and Entries in the Integrated Accounting System Qoyod

Additional Notes:

• At each step, ensure that the information entered is accurate.
• If you have a large amount of data, you can import it by uploading Excel files.