Glossary
Opening balance
The opening balance is what an account held on the first day you begin recording, covering cash, debts and stock.
What it means for a shop owner
When you move from a notebook or another program you enter the starting balances once so the records begin from reality. A mistake there carries into every later report, so count the cash, the stock and the debt list before entering them.
A worked example
You start recording with cash of 300, stock costing 2000 and customers owing 450. Those three figures are your opening balance.
Related
Try it in your shop, free, no card.
The free plan: the whole shop for one branch, an offline cashier with stock, debts and accounting, with a daily limit on invoices, expenses and purchase orders. What it includes