In order to start using e-Financials, you need to set up the initial balance.
According to the type of registration of the company in the Business Register, various buttons are displayed. If the company was established with an immediate consideration of share capital, the following option is displayed:
1) ‘Add the initial balance of 100% monetary contribution’
If the company was founded without an immediate consideration of share capital, the following option is displayed:
2) ‘Add the initial balance of a non-contributory OÜ’
If a company has already been using another accounting program and now decides to subscribe to e-Financials, the initial balance can be added manually by clicking on:
3) ‘Add the initial balance manually’
In the case of an operational company, we recommend that you add the initial balance manually as from the beginning of an accounting period, and then, add entries separately to bring your accounting up to date. In this case, the program can later generate accounting entries correctly.
When clicking on ‘Add the initial balance of a non-contributory OÜ’, you must fill in:
• Entry No. – filled in automatically; it cannot be changed.
• Entry date – required field.
• Document number.
• Transaction details – the default setting is ‘Setting up the initial balance’.
• Accounts – filled in by default.
Debit 2950 Unpaid capital – 2,500
Credit 2900 Issued capital – 2,500
When clicking on ‘Add the initial balance of 100% monetary contribution’, you must fill in:
• Entry No. – filled in automatically; it cannot be changed.
• Entry date – required field.
• Document number.
• Transaction details – the default setting is ‘Setting up the initial balance’.
• Accounts – filled in by default.
Debit 1020 Settlement account – 2,500
Credit 2900 Issued capital – 2,500
The minimum sum of the capital of a private limited company is 2,500 euros. The sum of the share capital is stipulated in the articles of association of a company; if it is larger than 2,500, then the 2,500 in the Ledger entry must be replaced with the actual amount.
After filling in the necessary fields, you must click on ‘Save entry’ for saving and on ‘Confirm entry’ for confirming the entry.
Initial balance can be viewed by clicking on the number; if necessary, the initial balance can be changed by clicking on the number below the initial balance entries.