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Enter opening balances when you start using Scalar360

Record what each account held on the day you moved from your old books, and check that the difference reaches zero before you save.

Before you start: Have your closing trial balance from your old books as on the day you start, usually the first day of your financial year. Item opening stock is counted from your items, so add your items and their starting quantities first.

1Open Opening Balances and set the date

In the left menu open Accounting → Opening Balances. Choose the Opening balance date, usually the first day of your financial year, for example 1 April. The date is required.

Scalar360 screen: Open Opening Balances and set the date — Numbered outlines show what to click, in order.

2Enter your assets

Under Assets, type each balance from your old books in Debit, for example the cash in hand and the bank balance. An account takes either a debit or a credit, not both. Use Find an account… to jump to an account by name or code.

Scalar360 screen: Enter your assets — Numbered outlines show what to click, in order.

3Enter what you owe

Under Liabilities, type each balance in Credit, for example tax payable such as TDS Payable. Accounts that show a note instead of boxes, such as inventory, are filled in elsewhere.

Scalar360 screen: Enter what you owe — Numbered outlines show what to click, in order.

4Enter the owner's capital and reserves

Under Equity, add the owner's money, such as Owner's Capital and Retained Earnings, in Credit. Enter income and expenses only if you start in the middle of a year.

Scalar360 screen: Enter the owner's capital and reserves — Numbered outlines show what to click, in order.

5Bring the difference to zero, then save

The bar at the top totals your Debits and Credits and shows the Difference while figures are missing. When every balance is in, it turns to Opening Balance Adjustments: ₹0. Choose Save to post the balances.

Scalar360 screen: Bring the difference to zero, then save — Numbered outlines show what to click, in order.

Good to know

Anything the figures leave unexplained goes to Opening Balance Adjustments (3100), shown in your chart of accounts as Opening Balance Equity. Item opening stock is credited there too, so enter your capital and reserves here and the account nets to ₹0. A balance left over means a figure is missing.
To bring in starting stock in bulk, import your items and choose Starting stock for What are the quantities in this file?. It counts in your opening balances and posts on the opening balance date. New stock received is for goods that arrived after you started.
Customer and vendor dues cannot be entered on this screen yet. Debtors, creditors and inventory show a note instead of boxes.
If the books are locked up to the opening balance date, the screen turns read-only. Re-open the period in the General Ledger to change it.

Post a manual journal entryRecord adjustments that don't come from an invoice, bill or expense — accruals, corrections or owner contributions — as a balanced journal entry.View profit & loss, balance sheet and trial balanceRun your P&L for any period and your balance sheet or trial balance as of any date, straight from the general ledger.Lock a closed periodStop anyone posting or changing entries dated on or before a date, once you've closed the books for that period.

Still stuck? Contact our support team — or start a free trial to try this in your own company.