How to enter beginning Balances

How to enter beginning Balances

Before starting, here is a concept you must know about, if you want to enter the data which relates to 1/1/2010, you must have to select the option of 12/1/2009 to 12/31/2009 because the ending balances of 12/31/2009 are the beginning balances of 1/1/2010.

KEEP IN MIND

Before going to enter the beginning balances, you must have to establish a retained earning account because when you will complete your entering data, your net income has to shift in Retained Earning Account, Since if you could not do so your data can’t be saved.

Here you can make more accounts by clicking on “NEW” but keep in mind you can’t save you RETAINED EARNING account here, this account can be made but software will not save it here.

To check that the retained earning account exist or not, you can check it with two options,

Option 1:

         First you can check it by moving you curser to the menu bar and clicking on the third option that is “MAINTAIN” and in “maintain” you will find “CHART OF ACCOUNT" click on it, like the following picture,

When you will click on, you will find the following window,

Now click on “look up button” that looks like the following picture,

When you will click on you will find all the charts of accounts that have been made and you can view it by scrolling up and down like the following window,

Option 2:

Just move your curser to “REPORT” that is located in 7^th option in menu bar after that click on 4^th option that is “General Ledger” like the following picture,

When you will click on you will find the following window,

In left side select “General Ledger” and in right side select “Chart of Accounts” now just double click on the “Charts of Accounts” when you will do so you will find the following window,

Here you can check that the Retained earning account exist or not,

Moving On

To enter the beginning balances click on “Beginning Balances” like the following window:

By clicking you will find the following image,

Select the appropriate option according to the above information stated in “KEEP IN MIND”.

When you will select the right option, you will see the following window,

Here you will find account ID that you had selected Account description that you had given along with account type, assets and expenses are appearing on left side and liabilities and equity and income are showing on right side just type the amount in appropriate side and you will find the balances automatically in bottom. Your both side must be matched if could not a balance will be appeared in “Trial Balance” like the following window:

KEEP IN MIND

And software will make Retained earning account by own and post it there. If you had selected wrong account type then your particular account will appear in wrong side just double check your work.