> For the complete documentation index, see [llms.txt](https://docs.kick.co/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kick.co/setting-up/opening-balances.md).
# Opening Balances
If you're starting Kick mid-year, or migrating from another platform like QuickBooks, you need to set opening balances - the starting point for each account in your books as of the day before your bookkeeping begins in Kick.
Without opening balances, your [Balance Sheet](/reports/balance-sheet.md) and Trial Balance (a listing of all account balances used to verify your books are in balance) won't reflect the true state of your business. Your [Profit & Loss](/reports/profit-and-loss.md) is available immediately and doesn't require them.
***
### What opening balances do
Opening balances establish where each account stands before Kick starts tracking. They answer the question: *what did my business own and owe before I started using Kick?*
Every opening balance generates a [journal entry](/common-workflows/journal-entries.md) in the background - crediting or debiting the target account and offsetting to your equity account (typically Retained Earnings or Owner's Capital). You don't need to create these manually.
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### When you need them
* You're starting Kick mid-year and your Balance Sheet needs to reflect existing cash, loan balances, and equity
* You're migrating from QuickBooks or another accounting platform
* Your Balance Sheet or Trial Balance shows balances that don't match your prior books
***
### How to set opening balances
#### Import from a prior Balance Sheet
If the Balance Sheet importer is available in your account:
1. Export your Balance Sheet from your previous accounting system as of the day **before** your Kick bookkeeping start date
2. Go to **Accounting → Balance Sheet** and click **Import balances**
3. Kick extracts your account balances and maps them to your chart of accounts
4. Review the mapping, confirm the balance sheet is balanced (assets = liabilities + equity), and submit
#### Send us your balances instead
If you don't have a Balance Sheet to import, the same **Import balances** window has an **Or manually submit opening balances** section below the upload area. Click **Submit manually** to open a form where you can send your balances to our team.
#### Set per account during reconciliation
When you reconcile a bank or credit card account for the first time, Kick prompts you to set the opening balance for that account. Click **Set opening balance** on any account, or **Edit** if one is already set, then enter the closing balance from your last statement before your Kick start date and save.
Setting balances this way needs a **Basic** plan or above.
→ [Reconciliation](/common-workflows/reconciliation.md)
***
### Opening balance date
Opening balances are always set as of the **day before your bookkeeping start date**. For example, if your bookkeeping starts January 1, 2025, your opening balances are dated December 31, 2024.
***
### FAQs
Do I need opening balances to use Kick?
Not immediately - your Profit & Loss is available right away. But your Balance Sheet and Trial Balance won't be accurate until opening balances are set. If you only need P\&L tracking, you can skip them for now.
What if I'm starting a brand new business with no prior history?
If your business is new and started fresh with Kick from day one, you may not need opening balances - or you may only need to enter your starting bank balance. Contact support if you're unsure.
Can I edit opening balances later?
Yes. Go to **Accounting → Chart of Accounts**, find the account, and click **Remove opening balance** or edit it. Changes require Admin permissions.
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