Opening Balances

Before you process your first real transaction in CifraHQ, you need to tell the system what you're starting with. Opening balances transfer your closing account balances from your previous system or fiscal year into CifraHQ — so your Balance Sheet is correct from day one and your aging Reports reflect real outstanding balances, not a blank slate.

How to enter Opening Balances

Go to Master Data > Accounting > Opening Balances.

Enter the closing balance for each account. You will need to select a non-reportable offset account to balance the entry — this is typically account number 890000, labelled Opening Balances. Once all balances are entered and the offset account nets to zero, your books are in balance and ready for live transactions.

Work through your accountant to confirm the correct closing balances for each account before posting — errors here flow through every subsequent report.

Setup complete. Now add your Master Data: Carriers, Products, Vendors, Customers.