Balances transfer between accounts

You can transfer balances by selecting Company > Settings > Chart of Accounts > Initial Balance.

To begin entering the information, specify the date for which the balances are being created in the Initial balance date field, then select +Add new.

Mandatory fields to fill in:

Field

Description

Account*

Accounting account for which the balance is created

Business Unit*

The business unit to which this balance belongs

Project

The project to which this balance belongs

Employee

The employee to which this balance belongs

Counterparty

The counterparty to which this balance belongs

Account

The bank account to which this balance belongs

Amount*

The amount of the balance

Currency*

The currency of the balance

Fields that are not mandatory for completion are used to provide further detail (analytics) of balances in the Trial Balance report. For example, this allows viewing accounts payable for each individual entrepreneur (employee) or accounts receivable broken down by available bank accounts, and so on.

The process of closing and opening a period in the system takes place under Company > P&L > Close/Open Period. This feature is designed to secure previously entered data and prevent any modifications after the reports have been generated.

It should be noted that the process of opening a period works as follows: if you need to open March 2023, you should specify the preceding month, i.e., February 2023, in the Select month field. This is because the system identifies all periods before March 2023 as closed, keeping all the data securely protected from any changes.

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