If you were previously using Excel or paper records (sometimes known as ledger books) for your bookkeeping records, you will need to use our opening balances wizard to enter the opening balances at the date you start using Pandle.
Opening Balances are the balances of your accounts at the start of a new accounting period - the balances that you open with. They can also be the balances that you 'open' with if you move from one accounting system to another.
If you have used an accountant they should be able to provide you with the balances you need to enter in the form of a trial balance.
If you did not use an accountant then it's likely you were using a 'single entry' method, meaning you only recorded income and expenses, and did not produce a balance sheet or trial balance.
In this instance you will need to enter the value of your 'assets' (such as bank account balances, vehicles balances, etc.) and 'liabilities' (like the amount of outstanding loans, for example) in the opening balance wizard.
The balancing entry should be against capital introduced/drawings (if you're a sole trader), or a director's loan account (if you have a limited company).
We highly recommend consulting with your accountant about this if you are unsure.