A new Bokio feature now offers a new way of entering opening balances, making it quick and easy to move to Bokio and start accounting.
What does the new feature offer?
Opening balances let you take balances from a previous accounting software, or recent year end accounts, and add them into Bokio before you start using it. With the new feature, you don’t need to manually choose which account you are inputting the balance to. Instead, you can choose from a drop down menu and simply enter the numbers.
The key new features
There are a few things we’ve done to make moving to Bokio simple. Here’s a rundown of the latest updates:
Set accounts balances: Use the drop down menus to choose which account to add the balance for.
Balance sheet validation: Ensuring that only opening balances where your balance sheet accounts actually balance are imported Bokio.
Set trade debtors and creditors: Map the opening balance entered in trade creditors or debtors with the outstanding invoices from previous years
Don’t miss documentation: Once you have set money you are owed, or is owed to you, the amount counts down as you import invoices to settle your finances. This maps the outstanding invoices at the year end to the balance in accounts payable and accounts receivable.
Want to move to Bokio?
We want to make moving to Bokio as simple as possible. With Bokio, you can do your bookkeeping, create, send, track and record invoices, manage your expenses and submit automated MTD compliant VAT returns – all in one completely free software.
We're changing the world of accounting forever. Bokio is a smart solution that helps small businesses and sole traders grow their company and profits. Powered by AI, we will help you do your bookkeeping, create, send and track invoices, and file your VAT return - all for free.