Are you transitioning to a new accounting software? Opening balances play a crucial role in ensuring a seamless shift, especially when migrating all accounting transactions from one software to another is often impossible. In the world of cloud accounting, Tigg stands out for its user-friendly interface and streamlined processes, making it easier than ever to manage opening balances for both customers and products

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What are opening balances? Simply put, they represent the debit or credit balance of a ledger account carried forward from the previous accounting period. When switching software, closing balances become opening balances in the new system, maintaining the financial integrity of your records.

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With Tigg, adding opening balances is a breeze. Here's how:

• Import/Export Option: Utilize the Import/Export feature in the Configuration module. Download Excel templates, fill in the necessary information, including opening balances, and upload them back into Tigg. It's quick, efficient, and ensures accuracy in data transfer.
  

• Manual Entry: If you've already set up your customers, suppliers, ledger accounts, banks, and products in Tigg, adding opening balances manually is just as simple. Navigate to the Configuration module, select "Opening Balance," and choose between Account Opening Balance or Product Opening Balance.
  • Account Opening Balance: Easily add or edit opening balances for customers, suppliers, ledger accounts, banks, and cash. Follow the straightforward steps provided, including specifying the amount, debit or credit designation, and adding reporting tags if necessary.
  • Product Opening Balance: Manage opening balances for all your products effortlessly. Input quantity, rate, location, warehouse details, and any additional reporting tags, if required.

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You can search for customers, suppliers, ledger accounts, products, and banks with ease and add the opening balances. Furthermore, you can also utilize the filters like "Account type," "Parents group," and "Category" to refine your search further. 

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Whether you're importing data or entering it manually, Tigg simplifies the process, ensuring your books of accounts stay updated and accurate at all times. Make your accounting transition smoother than ever with Tigg.

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Check this video to see how to add opening balances in Tigg: