Opening Balance for Customers and Vendors
You could be carrying over your customer or vendor balances when you migrate from another accounting application to Zoho Books. You can record those balances in Zoho Books in the following ways:
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Import customers or vendors along with their opening balances in the Customers or Vendors module.
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Import opening balances for Accounts Receivable from customers and Accounts Payable from vendors in the Opening Balances section.
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Enter balances for new customers or vendors in the Other Details section of the customer or vendor Creation page.
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Enter balances for existing customers in the Outstanding Receivables and for existing vendors in the Outstanding Payables section in the Overview page.
Insights:
- Outstanding Receivables in the customer Overview page contains the total amount the customer owes you (for the invoices created) and also contains the opening balance you initially added for the customer.
- Outstanding Payables in the vendor Overview page contains the total amount you owe your vendor (for the bills created) and also contains the opening balance you initially added for the vendor.
- Outstanding Opening Balance is the amount the customer owes you or you owe a vendor, excluding the sales and purchase transactions recorded in Zoho Books. Each time you record a payment (other than the payments for invoices or bills), the outstanding opening balance decreases.
If you want to view or update the opening balance you had entered:
- Navigate to Sales in the left sidebar and select Customers, or go to Purchases and select Vendors.
- Select the customer/vendor for whom you want to view or update the opening balance.
- Click View Opening Balance below the Receivables section.
- Enter the new opening balance and click Save.
Write Off Customer’s Opening Balance
You can also write off a customer’s opening balance from the customer’s Details page. Here’s how:
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Go to Sales on the left sidebar and select Customers.
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Select the customer for whom you want to write off the opening balance.
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In the Details page, click View Opening Balance below the Receivables table.
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In the Opening Balance pop-up, click Write Off next to the Outstanding Opening Balance amount.
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In the Write Off Opening Balance pop-up, enter the Write Off Date and Reason for Write Off.
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Click Write Off.
The opening balance of the customer’s opening balance will be written off. To cancel the write off:
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In the Details page, click View Opening Balance below the Receivables table.
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In the Opening Balance pop-up, click Cancel Write Off next to the Outstanding Opening Balance amount.
To add opening balance for your customer for different branches: Here’s how:
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Go to Sales on the left sidebar and select Customers.
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Select the customer for whom you want to add an opening balance.
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In the Details page, click View Opening Balance below the Receivables table.
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In the Opening Balance pop-up, click Edit to add opening balances for your customer for other branches.
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Click + Add Branch below the table to add opening balance for multiple branches.
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Click the dropdown and select the required Branch Name and enter the Opening Balance amount.
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Click Save.
Similarly, you can record the opening balance for multiple branches.
To write off the customer’s opening balances for different branches:
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In the Details page, click View Opening Balance below the Receivables table.
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Click the More icon next to the respective outstanding balance amount, and select Write Off from the dropdown.
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In the Write Off Opening Balance pop-up, enter the Write Off Date and Reason for Write Off.
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Click Write Off.
The opening balance of the customer’s opening balance for the respectivebranche will be written off. To cancel the write off:
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In the Details page, click View Opening Balance below the Receivables table.
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In the Opening Balance pop-up, click the More icon next to the respective branch and select Cancel Write Off.
The write off will be canceled for the opening balance amount.
Next > Link Customer and Vendor
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