When a company is first put onto ZotaBooks there is highly likely to be existing business transactions that have occurred, and therefore accounting transactions which have occurred. Rather than re-enter all transactions from the very beginning, opening balances provides a way to enter the balances at a point in time (always the start of the month the company will start using ZotaBooks).
ZotaBooks provides an app to enable the opening balances to be entered. The total debits and total credits must always equal zero.
The opening balances app lets the user know whether the entries are balanced (and can be saved) or unbalanced (and therefore cannot be saved).
Make Changes to Opening Balances
If changes are required to the opening balances (because of an error in entry or updates to previous accounts or other reason), then simply entering the new balance amount at opening and saving will make the changes. ZotaBooks will automatically post the movements into the General Ledger.
Opening Balances Always Identifiable
The General Ledger keeps the Opening Balances separate, so they are always identifiable. Never lose track of your accounts with ZotaBooks.