> 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. {% hint style="warning" %} Opening balances are not available during a trial period. Upgrade to Basic or above to access this feature. {% endhint %} Without opening balances, your [Balance Sheet](/reports/balance-sheet.md) and Trial 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. *** ### 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 a "Submit opening balances" prompt *** ### How to submit opening balances #### Option A - Submit via form When you open the Balance Sheet for the first time, Kick will prompt you to submit your opening balances. Click **Submit opening balances** and complete the form - Kick's team will set up your balances within approximately 3 business days. If you see *"We're working on your Balance Sheet"* after submitting, this is expected. Contact if it hasn't resolved after 3 business days. #### Option B - 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 opening 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 #### Option C - Set per account during reconciliation When you reconcile a bank or credit card account for the first time, Kick will prompt you to set the opening balance for that account. Enter the closing balance from your last statement before your Kick start date. → [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 are gated until opening balances are submitted. 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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