Opening balances record the starting debit or credit balance of an account when you begin using Freespace ERP. Use this screen to set opening balances for chart-of-accounts ledgers such as cash, bank, expense, fixed asset, and tax accounts.
Opening balances are accessed from Accounts → Settings → Opening Balances. The list shows each account's opening entry with date, account, debit, credit, notes, and status. Each chart account can have only one approved opening balance.
List columns
`Id`, `Date`, `Account`, `Dr`, `Cr`, **Notes**, `Status`
Quick filters
| **Filter** | **Shows** |
|------------|-----------|
| Default | All opening balances except Cancelled |
| Approved | Approved opening balances |
| Draft | Draft opening balances |
| Cancelled | Cancelled opening balances |
Header actions
| **Action** | **Description** |
|------------|-----------------|
| New | Opens the new opening balance form |
Click a row to open it in view mode. Select one or more rows to show footer actions: **edit**, **delete**, and **view**.
List View
Quick Start — Add an Opening Balance
1. Navigate
Go to Accounts → Settings → Opening Balances.
2. Create new opening balance
Click New to open the form.
3. Fill in details
Select the Account.
Enter either a Debit or a Credit amount (not both).
Set the Date and optional Notes.
4. Save
Save — saves as a draft.
Save And Approve — saves and posts the opening balance.
Reset — clears the form.
Cancel — closes the form without saving.
Form Fields Reference
| **Field** | **Description** |
|-----------|-----------------|
| Date | Date of the opening balance entry. |
| Account | Ledger account for the opening balance. Mandatory. Only active leaf (postable) accounts are shown. Customer and supplier accounts are excluded (see Account Types). |
| Debit | Opening debit amount. Use for asset and expense accounts. Mutually exclusive with Credit. |
| Credit | Opening credit amount. Use for liability, income, and equity accounts. Mutually exclusive with Debit. |
| Currency | Shown only when multi-currency is enabled. |
| Currency Exchange Rate | Auto-filled from the selected currency when multi-currency is enabled. |
| Debit- / Credit- | Foreign-currency debit/credit amounts. Shown when a currency is selected. |
| Notes | Optional remarks. |
An entry requires an account and either a debit or credit amount.
Account Types
This screen sets opening balances for chart-of-accounts leaf ledgers — cash/bank, expense, fixed asset, prepaid, tax, income, and similar accounts. Customer and supplier accounts are not set here.
Opening balances for other account types are set in their own modules:
| **Balance type** | **Where to set it** |
|------------------|---------------------|
| Customer opening balances | Sale → Settings → Opening Balances |
| Supplier opening balances | Purchase → Settings → Opening Balances |
| Opening inventory | Inventory → Settings → Opening Inventory |
| Cash/Bank account opening balance | Accounts → Settings → Cash/Bank Accounts — use the Has Opening Balance, As on date, and Opening Balance fields when creating or editing the account |
Actions & Status
Statuses
| **Status** | **Description** |
|------------|-----------------|
| Draft | Saved but not yet approved. Can be edited or deleted. |
| Approved | Finalized and posted. |
| For Revisal | Sent back for correction. Can be edited or deleted. |
| Cancelled | Voided. |
| Closed | Settled / completed. |
List actions (footer bar when rows selected)
| **Action** | **When available** |
|------------|-------------------|
| edit | Draft, For Revisal |
| delete | Draft, For Revisal |
| view | All statuses |
View actions
| **Action** | **When available** | **Notes** |
|------------|-------------------|-----------|
| Approve | Draft | Blocked if the account already has an approved opening balance |
| Edit | Draft, For Revisal | |
| Delete | Draft, For Revisal | |
| clone | All statuses | Hidden when clone is disabled in user settings |
| Cancel | Approved | In the more menu (⋮) |
| Master Update | Approved, Closed | See below |
| Add/Update Note | All statuses | Updates Notes only |
Master Update
Master Update lets you change the date on an approved opening balance. Open the entry, click the more menu (⋮), and select Master Update.
When available: Approved or Closed status only.
Fields that can be master-updated
| **Field** | **Required** | **Description** |
|-----------|--------------|-----------------|
| Date | Yes | Opening balance date. Updating also updates the linked journal date. |
Not master-updatable: account, debit/credit amounts, and notes.
View Tabs & Side Panels
When you open an opening balance entry in full view (not in a small modal), the right side shows tabbed panels. Click the expand icon on a tab to open the same data in a larger modal.
Bottom panel (all transactions)
| **Tab** | **What it shows** |
|---------|-------------------|
| History | Activity log — who created, approved, edited, or cancelled the opening balance and when. |
| Attachments | Files uploaded to this opening balance entry. |
FAQ
Why can't I approve this opening balance?
Each account can have only one approved opening balance. If the account already has one, approval is blocked with the message This account already has opening balance.
Should I enter a debit or a credit?
Enter a Debit for asset and expense accounts; enter a Credit for liability, income, and equity accounts.
How do I set a customer or supplier opening balance?
Use Sale → Settings → Opening Balances for customers and Purchase → Settings → Opening Balances for suppliers.
Can I set a cash or bank opening balance while creating the account?
Yes. On the Cash/Bank Account form, enable Has Opening Balance and enter the As on date and Opening Balance.
Which fields can I change with Master Update? Date only.
Why accounts closed for date?
Closing entry or month closing blocks opening balance on that date.
Can I post to group account?
No — only leaf accounts accept opening balance.
