The method of switching to Pandle will depend on your existing system.
If your business is VAT registered you must start Pandle from the start of a new VAT period. It is usually more convenient to start Pandle from a new financial year (to avoid fragmented records) but it's not essential.
You have a new business with no previous records kept
In this instance you simply start entering transactions in Pandle from the date of your first transaction. If you are using a bank account with a start balance that did not relate to the business you can make a simple adjustment rather than going through the opening balance wizard. Let's take an example of £5,000 in the bank at your business start date:
1. Go to 'categories'.
2. Click on then 'new adjustment'.
3. For sole traders you adjust the bank balance against either capital introduced (if a positive balance) or drawings (if overdrawn balance). For limited companies the relevant director's loan account would be used. Please note, for your records a bank debit balance is positive (the banks say a credit balance as it's from their point of view).
You were previously using Excel
You will need to use the opening balances wizard to enter the opening balances as at the date you are starting to use Pandle.
If you used an accountant they should be able to provide you with the balances to enter in the opening balance wizard.
If you did not use an accountant then it's likely you were using a 'single entry' method, meaning you only recorded income and expenses and did not produce a balance sheet/trial balance. In this instance you will need to enter the value of your assets (bank account balances, vehicles balances etc.) and liabilities (amount of outstanding loans, for example) in the opening balance wizard. The balancing entry should be against capital introduced/drawings if you're a sole trader or director's loan account if you have a limited company. It is always worth seeking professional advice for this if you are unsure.
Transferring from other software
If you are using accounting software such as Sage, Quickbooks or Freeagent you should be able to extract a report called a 'trial balance'. This should be dated the day before your start date in Pandle and will contain all the balances you need to enter in the opening balance wizard.
You can also export a list of your customers and suppliers from your previous software provider. This file can then be imported into Pandle to save you time entering these details manually.
Please note, you will need to ensure all the data in your previous system is correct before entering the opening balances. If you had an accountant you should ensure year end adjustments were entered in your previous software package before moving to Pandle.
If you are transferring from cloud accounting software it's always a good idea to export all your transactions as a back up. Some companies will block your access and may eventually delete your data once you have stopped paying (not so with Pandle).
You were using paper records (ledger books or similar)
If you had an accountant then they should be able to provide you with a trial balance which will include the balances you need to enter into Pandle's opening balance wizard.
If you did not have an accountant then it is advisable to seek professional advice for extracting your closing balances from your paper based records.