Data Migration

When switching accounting software, it is a must to bring forward the Closing Balance from the old accounting software to the new accounting software as Opening Balance.

Closing Balance is the last balance when the company ends the accounting year - then carries it forward to the new financial accounting year. The first entry in the new financial year is called Opening Balance.

Opening Balance also plays important roles when the company or entity switch their accounting softwares. In this situation, the last entry from the previous account or software will become the opening balance in the new software.

Wavelet Management System is accounting software that differentiate the opening balance into 5 different modules, which are opening for stock, account receivable (AR), account payable (AP), cashbook and general ledger.