Step-by-step guide
Opening balances and migration
Move from another bookkeeping system into CashyNest with clean balance-sheet openings, controlled effective dates, and audit-ready migration evidence.
How to do this in CashyNest
Use the Opening Balances screen for migration setup, then validate the generated journals through reports before live posting.
Bulk opening balance setup
Menu path: Sidebar > Settings > Opening Balances
Route:/:organizationId/settings/opening-balances
- Select All, With Balance Set, or With Balance Not Set to focus the account list.
- Use account type tabs to switch between asset, liability, and equity accounts.
- For each account, enter Effective From, Balance Side, and Amount.
- Click the row Save button after every edit, clear, or reset decision.
Expected result: Eligible balance-sheet accounts are migrated without manually composing each offset journal.
Single-account opening balance review
Menu path: Sidebar > Accounting > Chart of Accounts > Opening Balance
Route:/:organizationId/accounting/chart-of-accounts/:accountId/opening-balance
- Open a balance-sheet account from Chart of Accounts.
- Review the current generated opening balance, effective date, and offset account.
- Save or clear the opening balance only after comparing it with the signed source balance.
Expected result: One account can be corrected safely without touching the rest of the migration.
Migration validation
Menu path: Sidebar > Reports > Reports Library and Sidebar > Settings > Journal Entries
Route:/:organizationId/reports/trial-balance, /:organizationId/reports/balance-sheet, /:organizationId/settings/journal
- Run Trial Balance and compare each account with the source trial balance.
- Run Balance Sheet and confirm the accounting equation is balanced.
- Open Journal Entries to inspect the generated opening balance journals.
Expected result: Migration numbers are signed off before day-to-day transactions begin.
Outcome to achieve
- Capture opening balances for balance-sheet accounts without forcing manual two-line journals for every account.
- Keep migration entries traceable against the seeded Opening Balance Equity account.
- Let free-plan organizations enter balances for system accounts while paid plans can also use custom balance-sheet accounts.
Step-by-step setup
Prepare the signed-off source balance
Use the final trial balance from your previous software, accountant, or audited statements as the only migration source.
- Confirm the migration cutover date and opening balance effective date.
- Separate balance-sheet accounts from income and expense accounts.
- Keep the source file and approval evidence attached to your internal migration checklist.
Map source accounts to CashyNest accounts
Map each legacy asset, liability, and equity account to a CashyNest ledger account before entering values.
- Use seeded system accounts where the default chart already matches your need.
- Create custom balance-sheet accounts only on plans that allow chart customization.
- Do not create opening balances for income and expense accounts; those close into equity through year-end logic.
Enter balances from one screen
Use Settings > Opening Balances to update every eligible balance-sheet account row by row.
- Choose the account type tab to narrow assets, liabilities, or equity.
- Enter Effective From, Balance Side, and Amount for each account.
- Hit that row’s Save button after every change, clear, or reset action.
Validate the migration
Run reports immediately after saving balances so errors are fixed before daily activity begins.
- Run Trial Balance and compare every migrated balance to the source file.
- Review Journal Entries for the generated opening balance entries.
- Resolve differences before creating live estimates, invoices, bills, or payments.
Best practices
- Use one documented cutover date for all opening balances.
- Save balances account by account so a small correction does not risk a full migration batch.
- Keep Opening Balance Equity at zero after all assets, liabilities, and equity balances are complete.
Common mistakes to avoid
- Entering income and expense balances as opening balances instead of closing them through retained earnings.
- Mixing audited source balances with draft spreadsheet estimates.
- Forgetting to save a row after clearing or changing a value.
Reports to watch
- Trial Balance: compare every migrated balance with the source trial balance.
- Balance Sheet: verify assets equal liabilities plus equity after migration.
- Journal Entries: inspect generated opening balance entries and references.