Add opening balance & payments

What is the opening balance?

Opening balance(to customers) is the sum of the amount that the customers have to pay for the business.

Opening balance(to suppliers) is the sum of the amount that the business has to pay to the suppliers.

Opening balance use cases

Opening balance is the balance the contact (customer or supplier) has at the beginning of using the software.

Suppose you’re shifting the data from another software to KB CloudERP then the opening balance of the contact will be the balance amount which the contact has to pay/receive to/from you.

• Opening balance for customer = Amount the customer has to pay

• Opening balance for supplier = Amount you have to pay to the supplier.

Adding opening balance

You can add an opening balance when adding/editing the supplier or customer.

1. To add an opening balance, Go to Contacts->customers/suppliers

2. In the add contact screen, you will find the opening balance field.

3. Either select the add button or click on edit for an existing user.

4. There you could find a more information button, click on that, and add the opening balance amount to be added for that user.

View opening balance payment

To view the opening balance of contact, go to List Supplier/customer, go to view, and on the view page, you will find the opening balance & opening balance due.

Pay or receive payment of opening Balance

Adding payment of the opening balance is the same as any other payment. Go to list Customer/Supplier -> Actions -> Pay.

It will open a popup modal where you can enter the payment amount.