Set Your Opening Balance
Learn how to enter your business's opening balances to ensure accurate reports from the start.
Opening balances represent what your business owned or owed at your chosen start date on AkountFly. Entering these balances is crucial for accurate financial reporting, preventing discrepancies in cash, liabilities, and equity.
You can set your opening balances through the following methods:
- During onboarding: Recommended for new users.
- More Tools → Data & Imports → Migration & Imports (page title Historical Data Setup): the guided wizard where opening balances are entered. (Starting Balances (Opening Balances) in the same group only shows a summary of what you entered.)
- AI-Assisted Trial Balance Import (third path on the same Migration & Imports page): upload a trial balance PDF/Excel/CSV and the AI extracts and posts the entries.
If your business is new and started using AkountFly from day one, select "I do not have any opening balance" in the Action Required section to remove the reminder permanently.
Step-by-step
- 1Open Historical Data Setup
Go to More Tools in the sidebar, open the Data & Imports group and click Migration & Imports. The Historical Data Setup page opens: choose your start month and click Continue, then Set balances now - the three migration paths appear. (If you saved a draft earlier, a Resume banner appears here and the Home chip reads Continue setting up your opening balance.)
Open Historical Data Setup - 2Choose Structured Opening Balances
Pick Structured Opening Balances to enter detailed balances by category: cash & bank, receivables, payables, fixed assets, loans, and equity. (Or choose Fresh Start for a clean slate, or AI-Assisted Trial Balance Import to upload from Xero/QuickBooks.)
Ensure debits equal credits to maintain balance.Choose Structured Opening Balances - 3Follow the wizard steps
The top stepper tracks Select Method → Enter Data → Review → Complete. AkountFly validates that your numbers balance before posting the opening entries.
Follow the wizard steps