New company import

Idea suggested by Denesh 2 years ago


i use clearbooks for my companies. I would like to import one more... I can deal with the trial balance, journals etc... but I want to adjust the retained earnings figure... i do this by using journals too?

9 Replies

Hi Denesh,

When starting mid year (by using journal balances instead of adding in all transactions), you will need to set your 1st reporting period to the exact mid year start date. Then add in all your opening debtors/creditors as of that date, bank balances as of that date and journal balances as of that date based on your TB from the previous software. Your retained earnings should correct once this has been completed.


Hi Denesh,

Yes, you can adjust this via a journal, alternatively, you can adjust this via Money > Opening balances > Other balances.


forgot about that opening balances, was looking everywhere for it. thanks!

however, it needs to balance. so entrering something like 50,000 where does it come from ? as I will open a new clearbook account

Hi Denesh,

Unfortunately, you will need to speak to an accountant for the other side of the double entry.


I want to bring my accounts from another provider with you guys, so it is not a start-up. I need to start clear books not from scratch, as it is not a new company.

so that would mean only new companies can join clearbooks?

Hi Denesh,

No, you can bring on an existing company onto Clear Books but must input Opening Balances using the Trial Balance obtained from the previous software. Please see: Opening balances


Trial balance import for any nominal account is easy but not the same for Retained Earnings.

You'll need to run a previous year's Profit and Loss statement. The reason why this won't work for Retained Earnings, is because the Retained Earnings account is a rollover of all previous fiscal years' net profit (or loss), and ClearBooks automatically swaps funds from the net income or loss into the account and doesn't record any visible transactions for it.

it is not as easy as a trial balance where you cr and dr from two nominal accounts.. it is different.

got it thanks

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