If you were previously using Excel or paper records (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.
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/trial balance.
In this instance you will need to enter the value of your assets (bank account balances, vehicles balances etc.) and liabilities (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 would highly recommend consulting with your accountant regarding this if you are unsure.
Entering your opening balances
We have also created this video which will walk you through it how to enter your opening balances in Pandle:
You can also read our article on how to enter your opening balances here.