Opening (conversion) Balance Setup in Foodics Accounting

Opening Balance Setup

The opening balance is determined based on the financial period selected when the business is established. These balances represent the account openings in the system and are typically recorded either:

• When transitioning from another accounting system, or
• When initiating a new financial period with opening balances.

Setting the Opening Balance Date

1. Go to Settings > Conversion Balance

   

2. Click on Set Conversion Date

   

3. In the date selection field, choose the start of the fiscal year → Click Confirm

   

Distribute Opening Balances Across Cost/Tracking Centers

You can distribute debit/credit opening balances across multiple cost or tracking centers:

1. Go to Settings > Conversion Balance
2. Select the account → Click Distribute

   

3. In the distribution screen, select:
   • Cost/Tracking Center
   • Enter the Debit or Credit amount

   

4. Save

Example: Distributing an inventory account balance (debit/credit) across multiple cost/tracking centers.

Once saved, a section for Customer and Vendor Invoices will appear.

Accounts That Require Summary-Level Balances

The following accounts require balances to be entered at an aggregate level:

Recording Opening Balance for Customers (200)

1. Enter the total opening balance for Customers (200)
2. After saving, assign individual balances to customers via the Add Invoice for Each Customer option
3. All invoices must be dated on or before the opening balance date
4. Once all customer balances are entered, click Next to save

Recording Opening Balance for Vendors (400)

1. Enter the total opening balance for Vendors (400)
2. After saving, assign individual balances via Add Vendor Invoice
3. All invoices must be dated on or before the opening balance date
4. Once all vendor balances are entered, click Next to save

Recording Opening Balance for Accrued Salaries (410)

1. Enter the total opening balance for accrued salaries (410)
2. After saving, use Pay Runs / Payslips to assign balances to employees
3. Entries must be dated on or before the opening balance date
4. Once all balances are entered, submit the pay run to finalize the balances

Recording Opening Balance for Employee Loans (210)

1. Enter the total opening balance for employee Loans  (210)
2. After saving, go to Add Loan and manually record advances for each employee
3. Entries must be dated on or before the opening balance date

   

4. You can also upload via the Import Loans feature (explained next)
5. After recording all balances, submit the run to save

Importing Employee Loans

1. Select Import Loans

1. Download the official loan import template
2. Specify the repayment account
3. Fill out and re-upload the template with all required data
4. Choose Upload File to finalize

FAQs

Q: Can I edit the opening balance later?
A: Yes, you can modify and save updates to the opening balance.

Q: Can I delete the opening balance?
A: You can add a new opening balance in a different financial period if needed.