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How can I set up my accounting data?

In bexio you need to make opening entries to open accounts. Opening balances need to be documented for the balance sheet. Only by doing so will all accounts be opened completely and correctly for the new year.

  •     What are opening entries?
  •     What is an opening balance?
  •     Do I also have to open the income statement?

Make opening entries by posting your previous year's figures into the balance sheet for the new year. Perform these entries in bexio under "Journal" - "+New manual post".

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As you can see in the table, the opening entries are always posted to the opening balance. Put simply, the opening balance shows the figures (balances) that you start with at the beginning of the year. In other words, the figures you had at the end of the previous year.

Unlike your balance sheet, you do not have to open your income statement because you start calculating your result (profit or loss) all over again at the beginning of every financial year.

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