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.
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