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:
- Create a Journal Entry
- Select the accounts you are migrating over and enter the associated debit or credit amount
- Counter all the amounts with the "Opening Balance Equity" account and enter the balance amount as a credit
- 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 ...How Do I Register For Zola Caseway?
If your law firm needs to send you invoices or documents, they can do so through Zola Suite's secure client portal, Caseway. Here's how you can get started with Caseway. Before you can log in, you will need to be invited by the firm by way of them ...Does Zola Suite Have Sub Accounts?
Zola Suite allows you to relate accounts within your Chart of Accounts to "parent" accounts. These accounts will fall under the parent account, allowing you to view a total under that parent account, in addition to a breakdown of the individual ...