Entering Opening Balances

Entering Opening Balances

If you are moving to REI Hub from another accounting system, or have already filed taxes on one or more of your rental properties, you may need to enter Opening Balances into REI Hub.  An Opening Balance entry sets the account balance, and allows you to keep accurate records without having to recreate detailed transaction histories.

Some key things to know about Opening Balances in REI Hub:
  1. Setting Opening Balances is essential to maintaining an accurate Balance Sheet Report.  Without Opening Balances set, your Balance Sheet will not properly reflect your Portfolio.
  2. REI Hub uses the account 'Autobalance' for Opening Balances.  For example, an Opening Balance entry for a Loan would credit the Loan account and debit Autobalance.
  3. Revenue and Expense Accounts also need Opening Balances set if you are transitioning bookkeeping systems anytime OTHER than January 1.
To enter an Opening Balance in REI Hub:

1) Click 'Add Any Transaction' from the Dashboard or Booked Transactions page.



2) Select the Opening Balance transaction type.



3) Set the Date and (optionally) update the Description
‚Äč

  1. Opening Balance transactions should always be entered for the day before your current bookkeeping period begins.  So if your bookkeeping period begins January 1, 2021, you would select December 31, 2020 as the date for your Opening Balance entries.
  2. If you have a Bookkeeping Start Date already set (available to edit from Portfolio Settings), the system will automatically default the date to the day before.
 4) Select the Account, and enter the amount. 


  1. For a typical rental property purchased prior to the current bookkeeping period, you will generally make at least four Opening Balance entries- one each for Land, Buildings, Accumulated Depreciation, and one for the Loan account (if the property has an associated loan).  We recommend you Create a Fixed Asset first and then enter the Opening Balances in the Fixed Asset. 
  2. If your bookkeeping start date is the beginning of the calendar year, you do not need to enter Opening Balances for Revenue and Expense Accounts (as they are reported on an annual basis). 
5) If desired, click Add Line to enter multiple Opening Balances at once.


  1. The number of Opening Balance entries you need to make will depend on when you are transitioning bookkeeping systems and what data you are tracking. 
  2. For a typical rental property purchased prior to the current bookkeeping period, you will generally make at least four Opening Balance entries- one each for Land, Buildings, Accumulated Depreciation, and one for the Loan account (if the property has an associated loan).  We recommend you Create a Fixed Asset first and then enter the Opening Balances in the Fixed Asset. 
6) Click Save Opening Balance.
  1. View, edit, or delete Opening Balance transactions from the Booked Transactions page.  Use the Filter to narrow your search by date, account, or transaction type. 
7) Contact us with any questions! 
  1. You can submit a ticket through the Knowledge Base, when you're logged into your account via Contact Us, or just send us an email at info@reihub.net.  



    • Related Articles

    • Transitioning to REI Hub from another bookkeeping system

      Ready to take advantage of REI Hub's property accounting software, but aren't sure what's involved in making the switch from your current bookkeeping system?  You're in the right place! When transitioning accounting systems, the best practice is to ...
    • How to enter a recent property purchase in REI Hub

      This guide details how to properly account for a rental property purchase in REI Hub using your closing statement. For more context on the subject, also check out this resource article. This is an important transaction, as it sets the ...
    • How to enter depreciation for a specific fixed asset

      In REI Hub, you can make depreciation entries for an individual fixed asset, or you can make an uncategorized depreciation entry that is not associated with a specific asset.  These instructions assume you have already created at least one fixed ...
    • About Fixed Assets

      Fixed Assets (also known as Capital Expenses) are your depreciable items- the investment property itself and the capital improvements you make to it.  These non-operational costs are not written off against income in a single year, but are instead ...
    • REI Hub Overview and Getting Started Guide

      Ready to level up your bookkeeping with REI Hub? Great! Whether you just purchased your first investment property or your twentieth; REI Hub’s real estate and rental property accounting software will save you time, stress, and money! No matter how ...