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How to Opening Balance

This page will guide you through the process for using localizebook accounting systems to complete a bookkeeping job in only 20 minutes. Within this 20 minutes you will be instructed on how to

  1. Sign up account.
  2. Create Business
  3. Import Chart of Accounts, Item List, Vendor List and Customer List.
  4. Use Journal Entry to open Trial balance
  5. Batching Outstanding AP, Outstanding AR and Outstanding Stock Balance.
  6. Verify data report (TB, A/R, A/P, Inventory, P&L, BS)

All the templates are provided by this link:

Click to download all templates

Create Business

This is how you create a new business or company in Localizebook.

After Login, You will be redirected to Localize User Home where you can create your first business in LoclizeBook.

  1. Click on “+ADD BUSINESS” or “CREATE NOW” and fill in a little information about your Business you want to create.
  2. Business Name: This will be your company name in the Localizebook Accounting System (required).
  3. Display Name on Invoice: This will be your company name for billing purposes.
  4. Business location: This is auto-generated by the system, you don’t do anything.
  5. Timezone of your business: You don’t have to do anything because this is done automatically by the system.
  6. Default currency for your business: Select the currency. This will serve as your base currency and cannot be edited later.
  7. I am a student: This option is a dedicated program designed for educational purposes, allowing students and educators to use LocalizeBook in a learning environment.
  8. To complete the setup, click on the “Continue” button.
  1. Select your business plan, at this time please select “Premium”, the powerful plan, then click on the “Try free for 30 days” button.
  1. Here is the first page after your business is created. Please click on the “Access Now” button.
  1. Please choose an option to create a chart of accounts for this business, but in this testing case, please choose the “Sample COA” option and click on the “Skip” button.
  1. Click on the “Finish” button to finish your business setup process and go to the system.

Import & Batch Transaction

Import is where we can migrate data to system localizebook.

Batch Transaction in Localizebook is a group to bring your existing data into the system. It helps you to do your work easily, quickly and you don’t need to do it again and again. These transactions are summarized and can be released to your general ledger.

Localizebook can import & batch transaction of:

  1. Import Chart of Account
  2. Import Item
  3. Import Vendor
  4. Import Customer
  5. Use_Journal_Entry_(Open_Trial_Balance_)
  6. Batch Outstanding AP
  7. Batch Outstanding AR
  8. Import Stock Balance
  9. Journal_Entry_Clearing_AR_And_AP_Old_And_Inventory_Assets_Old

1.Import Chart of Account

  1. Go to the Accounting menu.
  2. Click on Import => Import Chart of Account.
  1. Click on Browse File to select the template “1. Import_Chart_of_Account” you downloaded in the first step.
  2. Click on Import to import your chart of accounts into LocalizeBook.

2.Import Item

  1. Go to the Accounting menu.
  2. Click on Import => Import Item.
  1. Click on Browse File to select the template “2. Import_Item” you downloaded in the first step.
  2. Click on Import to import your items into LocalizeBook.

3.Import Vendor

  1. Go to the Accounting menu.
  2. Click on Import => Import Vendor.
  1. Click on Browse File to select the template “3. Import_Vendor” you downloaded in the first step.
  2. Click on Import to take all your vendor’s data into LocalizeBook.

4.Import Customer

  1. Go to the Accounting menu.
  2. Click on Import => Import Customer.
  1. Click on Browse File to select the template“4. Import_Customer” you downloaded in the first step
  2. Click on Import to take all your customer’s data into LocalizeBook.

5.Use_Journal_Entry_(Open_Trial_Balance_)

Trial Balance A trial balance is a report showing the closing balances of all accounts in the general ledger at a point in time. Creating a trial balance is the first step in closing the books at the end of an accounting period. And we can import the trial balance to the system by using the Batch Journal Entry function.

  1. Go to the Accounting menu.
  2. Click on Journal Entry.
  1. Click Add “Journal Entry”
  1. Select the correct date you want to open the balance for.
  2. Input Account u have From TB to journal entry.
  3. Click “Save & Close” to finish

Note:

  1. If you’re entering Accounts Receivable (AR) → use Type: Other Current Asset
  2. If you’re entering Accounts Payable (AP) → use Type: Other Current Liability

6.Batch Outstanding AP

If you haven’t yet paid for your supplies and you have existing data of purchase (bill) or credit, you can import outstanding AP to the system by using the Batch Purchase & Purchase Return function.

  1. Go to the Accounting menu.
  2. Click on Batch Transaction.
  1. Choose Transaction Type “Purchase & Purchase Return”
  2. Choose Account Payable “Accounts Payable”
  3. Click on Browse File to select the template “5. Batch_Outstanding_AP” you downloaded in the first step.
  4. Click on Import to take all your purchase and credit data into Localizebook.

7.Batch Outstanding AR

If you haven’t yet received payment from your customer and you have existing data of invoice or credit memo, you can import outstanding AR to the system by using the Batch Invoice & Sale Return function.

  1. Go to the Accounting menu.
  2. Click on Batch Transaction.
  1. Choose Transaction Type “Invoice & Sale Return”
  2. Choose Account Receivable “Accounts Receivable”
  3. Click on Browse File to select the template “7. Batch_Outstanding_AR” you downloaded in the first step.
  4. Click on Import to take all your invoice and credit data into LocalizeBook.

8.Import Stock Balance

We can import outstanding stock balance to the system by using the Import Stock Balance function.

  1. Go to the Accounting menu.
  2. Click on Import => Import Stock Balance
  1. Choose “Open Date”
  2. Choose Equity Account “Opening Balance Equity”
  3. Click on Browse File to select the template “5. Import_Stock_Balance” you downloaded in the first step
  4. Click on Import to take all your cash expense data into LocalizeBook.

9.Journal_Entry_Clearing_AR_And_AP_Old_And_Inventory_Assets_Old

Clearing Accounts Receivable(old) and Accounts Payable(old) and Inventory Assets(old)

Note: The Balance AP and AP and Inventory_assets old get From Full TB

  1. Go to the Accounting menu.
  2. Click on Journal Entry.
  1. Click Add “Journal Entry”
  1. Select the correct date you Clear AR and AP old.
  2. Input Account AR And AP Old From Full TP.
  3. Click “Save & Close” to finish

View_Reports

The following are some example reports for you to check after having data:

  1. Report Trial Balance
  2. Report Outstanding AP By Vendor
  3. Report Outstanding AR By Customer
  4. Report Stock Value Summary
  5. Report Profit & Loss
  6. Report Balance Sheet

1.Report Trial Balance

How to view Report Trial Balance in the Localizebook:

  1. Go to the Report menu.
  2. Click on Company & Finance => Accountant
  1. Choose Report Type “Trial Balance”
  2. Select Date
  3. Click on the View button to view your report.
  1. This below is a template of the Report Trial Balance

2. Report Outstanding AP By Vendor

Accounts payable (AP) are amounts due to vendors or suppliers for goods or services received that have not yet been paid for. The sum of all outstanding amounts owed to vendors is shown as the accounts payable balance on the company’s balance sheet.

How to view Report Outstanding A/P By Vendor in the Localizebook:

  1. Go to the Report menu.
  2. Click on Purchases & Payables => A/P Report.
  1. Choose Report Type “Outstanding A/P By Vendor”
  2. Select Date
  3. Click on the View button to view your report.
  1. This below is a template of the Report Outstanding A/P By Vendor.

3.Report Outstanding AR By Customer

It displays the total amount of accounts receivable that have been open for the specified amount of time.

How to view Report Outstanding AR By Customer in the Localizebook:

  1. Go to the Report menu.
  2. Click on Sales & Receivables => A/R Report.
  1. Choose your Report Type “Outstanding A/R By Customer”
  2. Select Date
  3. Click on the View button to view your report.
  1. This below is a template of the Report Outstanding A/R By Customer.

4.Report Stock Value Summary

How to view the Report Stock Value Summary in Localizebook:

  1. Go to the Report menu.
  2. Click on Stock => Stock Valuation.
  1. Choose your Report Type “Stock Value Summary”
  2. Select Date
  3. Click on the View button to view your report.
  1. This below is a template of the Report Stock Value Summary.

5.Report Profit & Loss

Profit and loss (P&L) statement refers to a financial statement that summarizes by each account as revenues, costs, and expenses incurred during a specified period.

How to view Report Profit & Loss in the Localizebook:

  1. Go to the Report menu.
  2. Click on Company & Finance => Financial Report => Profit & Loss.
  1. Choose Report Type “Profit/Loss Standard”
  2. Select Date
  3. Click on the View button to generate your report.
  1. This below is a template of the Report Profit & Loss Standard.

6.Report Balance Sheet

The Balance Sheet displays the company’s total assets and how the assets are financed, either through debt or equity. It can also be referred to as a statement of net worth or a statement of financial position. The Balance Sheet is based on the fundamental equation: Assets = Liabilities + Equity.

How to view Balance Sheet Statement Report in the Localizebook:

  1. Go to the Report menu.
  2. Click on Company & Finance => Financial Report => Balance Sheet.
  1. Choose Report Type “Balance Sheet”
  2. Select Date
  3. Click on the View button to generate your report.
  1. This below is a template of the Report Balance Sheet
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