What is this module for?
Most businesses start accounting software after they already have assets, debts, and cash. This module lets you tell Orbit Finance that existing position. It compresses your history into one opening entry so the app starts from the truth instead of zero. You only do this once when you switch over.
How do I enter my opening position?
- Get your closing Balance Sheet from your old system for the day before you start.
- Set the As of date to the first day you are running the business in this app.
- Choose the Balancing account, which defaults to 3100 Accumulated Profit / (Loss).
- Type your asset figures, such as cash, debtors, stock, and equipment.
- Type your liability figures, such as suppliers, accruals, and loans.
- Type the owner's capital, leaving Accumulated Profit / (Loss) empty if it absorbs the difference.
- Leave Income and Expenses cards empty unless you want this year's earnings included.
- Enter figures on the normal side shown for each account, never using a minus sign.
- Check the bottom strip to ensure Debit and Credit totals are Balanced.
- Press Save to record the opening balances.
How do I check the entry landed?
- Open the Trial Balance for the year to confirm totals agree.
- Open the Balance Sheet to verify it shows your actual business position.
- Open the General Ledger for an account like Trade Debtors to see the opening row.
- If the Balance Sheet is empty, check if your As of date is outside the viewed financial year.
How do I clear a suspense difference?
- Read the amount shown next to To balancing account before saving.
- Check if you missed a liability that paid for an asset, or an asset for a debt.
- Compare your typed figures line by line against your old Balance Sheet.
- If the difference is genuine past profit, leaving it on 3100 is correct.
- Fix the missing figures and press Save again to replace the old entry.
What this does to your books
Saving writes one balanced journal entry called Opening balances, dated your As of date, with one line per account you filled in: each asset on its debit side, each liability and equity account on its credit side, and any leftover difference posted to the balancing account, normally Accumulated Profit / (Loss) (3100). Saving again replaces the previous entry. An opening balance typed on the Bank screen's account card does not reach the Balance Sheet; only this screen does.