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Opening balances in Fiskl

What are Opening Balances?​

An opening balance is the initial amount in an account at the start of a financial period. It's the starting point for recording all financial activities during that period, such as sales, purchases, expenses, and payments.

See why opening balances are needed
  • Ensuring balances are correct
  • Starting a new accounting period
  • Maintaining financial continuity
  • Preparing accurate financial statements
  • Ensuring compliance with accounting standards
For banking ledger accounts

Opening balances bridge the gap between your imported transactions and your actual bank balance. When you import transactions for the current financial year, they may not sum up to your bank balance, which includes all transactions since the account's creation.

An opening balance represents all transactions before your imported data, ensuring your ledger matches your bank balance. This alignment helps verify that all transactions are accurately accounted for in your financial records.

Creating Opening Balances​

For connected bank accounts, Fiskl automatically adds the opening balance as a transaction. For other accounts, follow these steps:

  1. In your chosen account, find your earliest transaction
  2. Select IN or OUT depending on the sign of your opening balance
  3. Choose the category Opening Balance
  4. Set the date to be the earliest, usually the day before the earliest transaction date
  5. Save to complete the process

Viewing Opening Balance transactions​

There are many ways to view your opening balances

  1. Individually in the account you can filter on opening balance
  2. Collectively
    1. Select transactions in the left menu under accounting and select the account Opening Balance
    2. In the reports like Trial Balance, Transactions by Account and General Ledger

Verifying Opening Balances​

When moving from a different accounting system to Fiskl, follow these steps:

  1. Enter opening balances for all your accounts
  2. Check the ending balance of the opening balance account
  3. Ensure this balance equals zero

A zero balance confirms you've entered all balances correctly and completely.

Remember, accurate opening balances are the foundation for reliable financial reporting and informed decision-making in your business.