Opening Balances

2026-02-17 · 2 min

Overview

Opening Balances are the starting financial position when you begin using Bio Ecko. Every account in the Chart of Accounts needs an opening balance that reflects the real-world balance as of the go-live date.

Entering Balances

Navigate to GL > Opening Balances:

1. All accounts from the Chart of Accounts are listed.
2. Enter the debit or credit balance for each account.
3. The system validates that total debits equal total credits (trial balance check).
4. Save to create the opening balance journal entry.
5. The entry is posted with the go-live date and marked as an opening balance entry.

For mid-year migrations, enter balances as of the cutover date. YTD transactions for the current financial year should be separately imported or entered.

Best Practices

Tips for accurate opening balances:

• Obtain the trial balance from your previous system or CA as of the cutover date.
• Reconcile bank balances, receivables, and payables individually before entering.
• Enter sub-ledger details (patient-wise AR, vendor-wise AP) separately for drill-down capability.
• Verify the opening balance entry with your CA before proceeding with live transactions.

Notes

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