Import opening balances from last year's financial statements
In Opening balances, you can now set the opening balances your books start from by pasting the accounts and amounts from last year's financial statements (balance sheet) or by reading a photo of them.
Before
Opening balances had to be entered by hand as journal entries, one line at a time.
What's new
- On the Opening balances screen, enter and save the prior year-end balance for each balance sheet section. Retained earnings brought forward are calculated automatically from the difference.
- Paste account names and amounts into Import from financial statements to see how they map to Bookmi's accounts. Total rows are removed automatically, and accounts without a clear match are marked Needs review.
- With Read from a photo of financial statements, you can read accounts and amounts from images or PDFs of paper financial statements. Amounts that can't be read are never filled in by guesswork; we let you know which ones need to be entered manually.
- The accounting dashboard now shows Getting ready to use Accounting, where you can check your progress on the initial settings you need, such as fiscal year, consumption tax filing method, bank accounts and opening balances, and see what to do next.
Who it's for
- Industries: small businesses and sole proprietors
- Screens: Accounting > Opening balances, Accounting > Accounting dashboard
How to use it
- Open Accounting > Opening balances.
- Click Import from financial statements and paste the account names and amounts from your balance sheet, or choose an image with Read from a photo of financial statements.
- Check the mapping and enter the amounts.
- Click Save opening balances.