How to Add Opening Balance Details of a Party

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:

1. Navigate to the Parties Screen

   • Go to the navigation bar and select the Parties option.

2. Create a Party

   • If the party does not already exist, click on Create Party.

3. Access the Credit Info Section

   • While creating or editing a party, scroll to the Credit Info section.

4. 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.

5. Save Changes

   • Once all details are entered, click on Save to update the party's record.

Watch how to add opening balance of a party

FAQs on adding opening balance of a party