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:

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:

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:

The opening balance of the customer’s opening balance will be written off. To cancel the write off:

To add opening balance for your customer for different branches: Here’s how:

Similarly, you can record the opening balance for multiple branches.

To write off the customer’s opening balances for different branches:

The opening balance of the customer’s opening balance for the respectivebranche will be written off. To cancel the write off:

The write off will be canceled for the opening balance amount.


Next > Link Customer and Vendor

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