Fiducia TogetherOpening balances
The figures a new accounting period starts with. Getting them wrong breaks everything after.
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.
What it means
Opening balances carry the closing position — debtors, creditors, stock, bank, assets, capital — into the new period or a new system.
Why it matters
When migrating accounting systems, incorrect opening balances make every subsequent report wrong and the error is hard to find later.
What it looks like in practice
Migrate at a year end where possible, from finalised accounts, and reconcile every balance before processing anything new.
What to watch out for
Migrating mid-year from unreconciled data. It is the commonest reason a new system produces figures nobody trusts.
Where to get proper advice
Your accountant.
Where to read more
Last reviewed 2026-08-28 by Fiducia Together · Next review due 2027-08-28
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.