Opening Balance for Customer and Vendor

Audience: Admin, Finance
Type: Task

Reference

For system behavior and rules, see
SmartBooks Documentation – Section 4: Vendor and Bill Management

Purpose

Opening Balance setup allows you to record outstanding amounts for customers and vendors when starting SmartBooks.

This is typically used during migration from another accounting system or when starting fresh bookkeeping.

How to Access

1. Go to SmartBooks

2. Click Customers or Vendors

3. Open the customer or vendor record

4. Select Opening Balance

URL format (example):
https://app.thulo.com/{tenantname}/ps/admin/accounting/customers
https://app.thulo.com/{tenantname}/ps/admin/accounting/vendors

Setting Opening Balance for a Vendor

To set an opening balance for a vendor:

1. Open the Vendor profile

2. Locate the Opening Balance field

3. Enter the outstanding amount payable

4. Select the As of Date

5. Save the changes

The balance is reflected in vendor payables.

Setting Opening Balance for a Customer

To set an opening balance for a customer:

1. Open the Customer profile

2. Locate the Opening Balance field

3. Enter the outstanding amount receivable

4. Select the As of Date

5. Save the changes

The balance is reflected in customer receivables.

Important Notes

• Opening balances should be entered only once

• Incorrect balances affect reports and totals

• Opening balances are treated as accounting entries

• Editing opening balances after transactions begin is not recommended

When to Use This

• During initial SmartBooks setup

• When migrating from another accounting system

• Before recording new bills or invoices

Related Articles

• Add a vendor

• Add new bill and approve

• Chart of Accounts

• General Accounting Settings

End of Article