Chart of accounts and opening balances
How accounts and groups are organised, and how to enter the balances your books start with.
On this page
How the books are organised
| List | Holds |
|---|---|
| Accounts Group | The group hierarchy: nature (asset, liability, income, expense), parent group and account type |
| Chart of Accounts | Every account your entries post to, with its current balance |
| Bank | Your own bank accounts. Payments, receipts, reconciliation and the Bank Book use these |
| Expense | Expense heads your payments are booked to, grouped into categories |
| Employee | Staff you pay salary or advances to, with their advance / payable balance |
Customers and suppliers get their accounts automatically from the party masters.
Enter opening balances
If you start using BizDue part-way through a year, enter the balances you start with.
- Open Opening Balance Entry.
- Enter the balance for each customer, supplier, bank, cash and other account, as debit or credit.
- Save. Each balance is posted against Opening Balance Equity.
Tip: When all opening balances are in, Opening Balance Equity should equal your capital. If it doesn't, an opening balance is missing or on the wrong side.
Related articles
- Recording payments and receipts
- Journal entries and the ledger
- Bill-to-bill adjustment
- Uploading bank statements and posting transactions
Can't find an answer?
Our team is happy to help. Customers can also raise a support ticket from Help & Support after signing in to their workspace.