Opening Balances
Opening Balances let you enter the starting balances for your accounts when you first set up StewardTrack's finance module or begin a new fiscal year.
Accessing Opening Balances
Navigate to Stewardship > Setup & Configuration > Opening Balances in the sidebar.
When to Use Opening Balances
You'll need to enter opening balances when:
Setting up StewardTrack for the first time -- Enter current balances from your existing financial records
Starting a new fiscal year -- Carry forward closing balances from the previous year
Migrating from another system -- Transfer balances from your old system
Opening Balance List
View all entered opening balances:
Account -- Which account the balance applies to
Balance -- The opening balance amount (debit or credit)
Effective Date -- When this balance takes effect
Notes -- Any context about the balance
Entering Opening Balances
Click Add Opening Balance or Create New.
Fill in:
Account -- Select the account from the Chart of Accounts
Amount -- The starting balance
Debit/Credit -- Whether this is a debit or credit balance
Effective Date -- The date the balance takes effect (usually the start of your fiscal year)
Notes -- Context or reference (e.g., "From XYZ Bank statement 12/31/2025")
Click Save.
Repeat for each account that needs an opening balance.
Important Notes
All accounts should balance -- Total debits should equal total credits
Enter balances for all active accounts -- Don't skip accounts that have balances
Use accurate figures -- Reference bank statements and financial records for exact amounts
Run a Trial Balance after entering all opening balances to verify they're in balance
Best Practices
Document your sources -- Note where each balance came from in the Notes field
Verify with bank statements -- Cross-reference entered balances with actual bank and investment statements
Enter all balances at the same effective date -- Consistency is key for accurate reporting
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