How to Add/Modify Opening Balances in Tigg?
Opening balances refer to debit or credit balance of a ledger account carried forward from the previous accounting period. When switching accounting software, closing balances become opening balances in the new system, ensuring a seamless transition.
Preface Dhungana
Last Update 17 days ago
Here in Tigg we could insert the opening balances of customers, suppliers, ledger (chart of account), banks and cash, and products easily by using import export option in configuration module where
- We can download the excel templates fill all the necessary information along with opening balances.
- After filling all the data you can upload it in Tigg.
If you had already added all the customers, suppliers, ledger (chart of account), banks and products then
You can also add the opening balance manually by following the steps
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Here you can see two options
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Account opening balance
In account opening balance you can add as well as edit the opening balance for
- Customers and suppliers- (Receivable and Payable)
- Banks and cash
- Ledgers (chart of account)- (Asset, liability and Equity)
Feel free to utilize the search option to find customers, suppliers, ledgers, products and banks efficiently. Additionally, you can streamline your search by using the "Account type" , "Parents group" and “Category” filters according to your preference.
After searching the Account you need to add opening balance for
- Click on the "+" button to insert the opening balance.
- Select the amount field and input the opening balance.
- Choose whether the opening balance is a Debit (DR) or Credit (CR).
- If needed, add reporting tags by clicking on "Add Reporting Tag," selecting the appropriate tag, and clicking "Save."
- Once all information is entered, click on "Save Changes."
- Your opening balance is now inserted.
For any future edits to the opening balance, repeat these steps.
Product opening balance
In product opening balance you can add as well as edit the opening balance for all the Products/Goods/Inventory.
After searching the Product you need to add opening balance for
- Click on the "+" button to add the opening balance.
- Enter the opening balance quantity in the quantity section and the opening balance rate in the rate section.
- Specify the location of your inventory in the location field.
- Enter the name of your warehouse where goods are held in the warehouse field.
- Optionally, add reporting tags by clicking "Add Reporting Tag," selecting the relevant tag, and clicking "Save."
- Once all details are filled in, click "Save Changes."
- Your opening balance is now inserted.
For any future edits to the opening balance, repeat these steps.