Displaying your financial position.

It tells you about the financial position of your business at the beginning when you start with Opening Balances accounting.

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Managing life of opening balances

It is recommended that you start using Opening Balances accounting at the beginning of every accounting period. To enter your opening balances, you need a list of your outstanding customer and vendor invoices and credit notes, your closing trial balance from your previous accounting period, and your bank statements, as well as the unrepresented bank items.

Keeping track of your outstanding transactions and balances value.

Opening Balances report allows you to keep track of your business financial health through record creation of your customer, vendor, and bank account records, including loan accounts and credit cards. You can also enter the opening balances with each of these records created.

Keep the books balanced.

With little to no error in your journal entries, it enables bookkeepers to balance the books a lot faster and with ease. Even if the books do not balance, it will be so much easier to spot the error.

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