Adding opening balances when you switch to NoCFO mid financial year

Option 1 — Switching mid financial year (if there are very few transactions)

If you're switching to NoCFO at the turn of the financial year, or the current financial year has so few transactions that they're easy to enter manually, do the following:

1. Import the ended financial year's balances into the program as of the turn of the financial year. See instructions here.

2. Do the current year's bookkeeping directly in NoCFO from the start.

Option 2 — Switching mid financial year

If you're switching to NoCFO in the middle of an ongoing financial year, you enter the opening balances based on the current situation.

What you need: get an account-level balance sheet and income statement from your current program as of the switchover date, for example March 31, 2026.

Step 1 — Check the financial years

Go to the Financial Years tab and make sure it contains the current financial year (e.g. 2026). If it's missing, add it with the "New financial year" button.

Step 2 — Enter the income statement opening balances

Go to the Accounts tab and enter the account-level income statement closing balances as of the switchover date as opening balances. At the same time, adjust the chart of accounts to fit: activate the accounts you use. If an account is missing, add it. → See: Chart of accounts – adding, editing, and hiding accounts

Note: opening balances for income statement expense accounts are entered as negative values, so the income statement is calculated correctly.

Step 3 — Check the income statement

Print the income statement from NoCFO and compare it to the report from your previous program. Make sure both the figures and the headings match. If something doesn't match, check that account's opening balance and the chart of accounts structure.

Step 4 — Enter the balance sheet opening balances

Enter the balance sheet's account-level balances as of the switchover date the same way from the Accounts tab.

Important note: the financial year's profit or loss is not entered manually. NoCFO calculates it automatically based on the income statement.

Step 5 — Check the balance sheet

Print the balance sheet from NoCFO and compare it to the report from your previous program. Make sure both the figures and the headings match.

Step 6 — Continue bookkeeping from the switchover date onward

Once all the figures match, you can start bookkeeping in NoCFO from the switchover date onward. Transactions before that are now covered by the opening balances.

Note on comparison figures in Option 2

With this approach, bookkeeping starts mid financial year, so the figures from the previous, ended financial year are not stored in NoCFO. When the next financial statements are prepared, the comparison-period figures for the income statement and balance sheet must be taken directly from your previous program's financial statement reports.