📖Account Opening in Sync Finance
What is an Account Opening?
In Sync Finance, an Account Opening represents a carried-forward balance from the previous fiscal year.
It reflects:
The initial capital you had at the start of the new year.
The remaining bank account balance after the previous year's financial close.
An Account Opening is NOT considered income for the current year. It ensures accurate accounting continuity between years.
What is it used for?
✅ Properly closing your previous fiscal year. ✅ Setting the starting point for the new year's accounts. ✅ Keeping financial reports clean by separating old funds from new income. ✅ Automatically categorizing opening balances outside the year's regular revenue.
How does Account Opening work in the Sync Finance panel?
1. Access the feature
Go to:
Profile > Subscription → There, you’ll find a button:
🛠️ Close Previous Year's Accounts
2. What exactly does this button do?
When you click Close Accounts:
The system automatically collects all completed transactions from the previous year (⚠️ excluding scheduled transactions not yet completed).
It calculates the remaining balance.
It creates or updates a special category called "Account Opening".
3. Special option activated
The generated transaction has a special checkbox selected: "Account Opening Amount".
This tells the system:
This is a historical carry-forward, not new revenue.
It should NOT be included in the current year’s Income totals.
🚀 Final result:
Old amounts mixed into new revenue
Old balances automatically separated
Hard to track true annual revenue
Clear and accurate financial statements
✍️ Important to understand:
Account Opening amounts show in your bank account balances.
They do NOT count toward your current year’s Income or Expenses.
They are only shown to keep your accounting coherent.
When exporting to PDF, if you choose to exclude openings, they are automatically omitted.
📌 In short
Closes the previous year's accounts
Clean start for the new year
Creates a distinct initial balance
Clear financial reporting
Prevents false income reporting
Simplified accounting
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