Glossary
Opening balance
Definition
An opening balance is the amount in an account on the day your books begin. The opening balances together must balance, so that the first period starts from the true position of the company. Enter them once, with care.
Example. A bank balance of €4,800 on the first day, together with €2,500 of share capital and the other balances, makes the opening balances balance.
Why it matters for your company
Starting with a wrong opening balance carries the error into every report. Getting the figures right on day one saves months of corrections.
Where you see it in Sapita
In the opening balances step of setup, and in the first period of the ledger.