Account opening balances are the balances of your accounts as at the first day of your conversion month. ( You selected the conversion month when creating you created your company file. This , and it can't be changed. )Check your conversion month via Setup menu > Company Information > Conversion Month. If you were in business prior to your conversion month, most of your accounts probably already have balances. To produce reports that include these balances (such as a balance sheet), or to track your bank accounts, inventory, receivables and payables, you need to enter these balances. Take a look at this quick overview of opening balances: HTML |
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| Invite your accountant or bookkeeper to help you If your company file is shared online and you want your accountant or bookkeeper to help you with this task, invite them to work on your file. |
What to enterThe balances you enter depend on whether your conversion month is also the first month of your financial year. If your conversion month: - is the first month of your financial year, you enter the opening balances of your asset, liability and equity accounts only.
- is not the first month of your financial year (for example, if your financial year starts in July but your conversion month is September), you can enter the opening balances of all your accounts.
You can find your account opening balances on a trial balance report, a balance sheet or a profit & loss report prepared for the period immediately prior to your conversion date. You can ask your accountant to prepare these reports. You may also be able to find your account opening balances using your previous accounting software or paper-based records. UI Text Box |
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