Opening Balance

The opening balance is a key component of accounting in AbaNinja. It reflects the financial starting position of your company at the beginning of a new fiscal year. In the opening balance, all assets (assets) and liabilities (debts and equity) are compared as of the start of the fiscal year. The recording of these values is necessary to ensure correct and traceable accounting and to build on it for all subsequent entries of the year.

Benefits

• You get a complete overview of the assets and liabilities of your company at the beginning of the year.

• The opening balance is a prerequisite for proper accounting and serves as the basis for ongoing balance sheet accounting and the profit and loss account.

• It allows you to correctly transfer previous year values and start the fiscal year cleanly.

Tips and hints

• The "opening balance" function is only available in AbaNinja with a paid subscription.

• You can find the opening balance in the accounting section under reports.

• The opening balance is automatically generated from the opening balances of the individual accounts. These opening balances can be recorded when setting up the new fiscal year or taken over from the previous year.

• Check before closing the old fiscal year that all entries are correct, as the closing values are taken over as opening values into the new year.

• If you are starting your accounting in AbaNinja from scratch, enter the opening balances (e.g. cash balance, bank balance, outstanding receivables and payables, etc.) manually as opening balances on the respective accounts.

• The opening balance can be displayed as a report at any time, printed or exported.