How Do I Set up Opening Balances in Zola Suite?

How Do I Set up Opening Balances in Zola Suite?

Zola Suite has built in accounting to track all your accounts and provide reports. Before you begin recording transactions in Zola Suite, you will want to bring over your books by recording opening balances.
Before you begin, make sure that your Chart of Accounts is all set
To record your opening balance:
  1. Create a Journal Entry
  2. Select the accounts you are migrating over and enter the associated debit or credit amount
  3. Counter all the amounts with the "Opening Balance Equity" account and enter the balance amount as a credit
  4. Save & Close.
Trust and Accrual related accounts need to be entered into the default modules by matter
Example: Enter Trust deposits using the Retainer module. Enter Accounts Receivables with Invoices. Enter Accounts Payables with Vendor Bills.
Once all of these have been entered into their Matter(s), the overall account balances will match the total amounts that needed to migrate over.

    • Related Articles

    • Does Zola Suite Handle Bank Reconciliations?

      If you want to ensure that all of the balances for your trust or operating accounts are accurate, you can utilize our Bank Account Reconciliation feature. This will confirm that the bank balance, book balance in Zola Suite, matches your Financial ...
    • How Do I Register My Email Account in Zola Suite?

      If you are looking to sync your email account with Zola Suite, change the email account registered, or even restart the connection between your email account and Zola Suite you will need to Re-register. Go to "My Settings" Scroll down to Email Setup ...
    • How Can I Set Up My Credit Card Accounts Within My Zola Suite Account?

      Zola Suite has an Accounts page where all Bank and Credit Card Accounts are located. This page can be found by: Going to the Accounting section Click on the "Banks & Registers" tab On the top green action bar click "View Bank Accounts & Credit Card ...
    • What is the Account Reconciliation Report?

      The Account Reconciliation Report is used to ensure that both your Zola Suite Register and your bank account transactions are in agreement. To start the reconciliation, click the + sign in the top right hand corner of the report header.  Here, you ...
    • How to Set Up an iOS Developer Account?

      In order to place your new Caseway mobile app on the app store, we need the firm to create their own iOS developer account.  Before you start make sure that you have the following information: Registered Legal Entity Name (Not DBAs, Fictitious ...

    Status

    Experiencing degraded performance in Zola Suite?