How to Add the Opening Balance in Xero

Quick summary

Adding an opening balance in Xero lets you carry over account balances from a previous accounting system using the Conversion Balances feature. This ensures your financial records start accurately when you migrate to Xero.

Steps

1. On Xero's main dashboard, head over to the top menu bar and click 'Accounting'.
2. Choose 'Advanced' from the list of options.
3. Tap 'Conversion Balances' to access the opening balance entry screen.
4. Enter the opening balance for each bank account by typing the details into the debit column.
5. Review your input and click 'Save'.
6. Your opening balances are now added to your Xero account.