Know how to add opening balance deatails of a party in mybillbook
Written By Team Flobiz
Last updated 4 months ago
Feature Overview
Opening balance in myBillBook represents the amount you or your business owes to a party or the amount owed by a party to you. This feature helps you maintain accurate account balances and ensures smooth financial management when you start using myBillBook for billing and accounting.
Key Benefits
Easily manage and track existing dues.
Improve payment follow-ups with clear records.
Seamlessly integrate opening balances into your accounting system.
Steps to Add Opening Balance to a Customer Account
Follow these steps to add an opening balance for a party in myBillBook:
Navigate to the Parties Screen
Go to the navigation bar and select the Parties option.
Create a Party
If the party does not already exist, click on Create Party.
Access the Credit Info Section
While creating or editing a party, scroll to the Credit Info section.
Enter the Opening Balance
Input the opening balance in the provided field.
Select the Balance Type:
I Receive: Use this option if the party owes you money.
I Pay: Select this if you owe money to the party.
Save Changes
Once all details are entered, click on Save to update the party's record.
