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Entering Opening Balances

Unless you are starting a new business and intend to use Books by HansaWorld to administer your accounts from the first day, you will need to enter some opening balances. If you are starting to use Books by HansaWorld at the beginning of the fiscal year, these opening balances will take the form of the closing balances for each Account for the end of the previous year. If you are starting to use Books by HansaWorld in the middle of the fiscal year, there will be two components to opening balance figures: the closing balances for each Account for the end of the previous year and Account balances for the current year to date.

To carry out this task, you should equip yourself with as much information as you can in the form of transaction data and reports produced by the old system, in order to make this task as easy as possible.

We recommend that you change during a current fiscal year. You should enter Account balances for the previous year and then enter individually all current year transactions registered so far. This will a) make you familiar with Books by HansaWorld, and b) automatically give you a check of the old transactions.

Before you can enter any opening balances, you should have specified the current and, if appropriate, previous fiscal years using the Fiscal Years setting and entered the Chart of Accounts and Tax Codes you wis