How to create an opening balance? | Estateably Support Center

This action can be taken on the following file types:

There are three ways to create an opening balance in Estateably.

Opening balance from an original account (Estates and POAs)

Follow the instructions in the linked articles to create an opening balance from a:

Estateably allows you to create the following fiduciary accounts:

These accounts will be created with a $0.00 balance.

To liquidate an original asset or liability into the account:

Click "Inventory" in the left-hand side menu.
Click the three-dot menu next to the item. For an asset, select "Liquidate" from the drop-down; for a liability, select "Pay".
A screen will appear, allowing you to enter details of the transaction. Ensure you've selected the correct fiduciary account to receive proceeds of the liquidation.
Once you've entered all the transaction information, hit "Save". The item will be liquidated, and the balance will be reflected in the fiduciary account.

Estateably allows you to create the following fiduciary accounts:

These accounts will be created with a $0.00 balance.

To manually create an opening balance:

Access the Accounting section of the file.
Click "Add transaction" in the top-right corner.
Enter the applicable details, including the date of the transaction, a description that reflects that it is an opening balance, the amount being transferred in, and whether the balance is Capital/Principal or Revenue/Income.
Click "Save" to complete the transaction, or "Save and add new" to enter another.

Note: to indicate both a Capital/Principal and Revenue/Income balance forward in an account, you will need to create two separate transaction.

Once an account is managed, you can manage and add transactions within the Accounting section of Estateably.