Edit your opening balances
This article explains how to edit your opening balances in FreeAgent. It also covers editing opening stock balances and opening balance journal entries.
Please note:
- You’ll only be able to edit your opening balances if there are no account locks in place.
- You’ll need to have full (level 8) access to your FreeAgent account to be able to edit your opening balances.
- It’s also possible to overwrite an existing set of opening balances by importing opening balances.
Editing opening bank balances
If you would like to edit any of your opening bank balances, navigate to the 'Banking' tab at the top of the screen, select 'Bank Accounts' from the drop-down menu and choose the relevant bank account from the list.
Select 'Edit details' at the top-right.
Scroll down to the ‘Opening balance’ section, make the relevant changes and select ‘Save changes’ at the bottom of the screen to complete the process.
Editing opening stock balances
If you would like to edit opening stock balances, select 'Settings' from the drop-down menu in the top-right corner and then select 'Price List & Stock' from the ‘Emails, Invoices & Estimates’ section.
Select the ‘Stock’ tab.
Select ‘Edit’ to the right of the relevant stock item.
Make the relevant changes and select ‘Save Changes’ to complete the process.
Editing opening balance journal entries
Navigate to the ‘Accounting’ tab at top of the screen and select ‘Journal Entries’ from the drop-down menu.
From the 'Journal Entries' screen, choose 'Opening Balances' from the drop-down menu.
Select ‘Edit Opening Balances’ in the top-right.
Make any necessary changes and select ‘Save Changes’ at the bottom of the screen to complete the process. Please note that the debit and credit values of the journal entries need to be equal in order for you to be able to save the changes.