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 → Starting Balances: Use this guided tool.
- AI Bank Transactions Center: Upload a trial balance PDF for automatic extraction.
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 and select Starting Balances. The Historical Data Setup wizard opens with three migration paths.
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