How do I bring in opening balances of my debtors as a first time user of the program
First, go to Settings, then set Start Date.
The next step is to go to Sales Invoices and create all unpaid or partially unpaid sales invoices you have issued to your customers before your “start date”. Make sure to enter correct issue date (all issue dates should be obviously before your start date).
Once you enter all these invoices, they will be treated as your opening balances for accounts receivable.
Thanks a lot, it actually makes sense that way
This is good advice as the sale belongs in Year 0 (if this year is Year 1), and the opening Retained Earnings will reflect that transaction of the prior year.