In this task you will enter your beginning GL account balances.
Task Notes:
•You will enter all beginning balances using a single journal entry.
•In your old system, print a current balance sheet and a year-to-date income statement.
•Use the Journal Entry screen to make a beginning balance journal entry, as described below.
•Make sure that each bank account balance entered in DBA includes the bank account’s total reconciled balance and non-reconciled balance. If your old system stores the non-reconciled amount in a separate clearing account, do not carry the clearing account forward into the DBA chart of accounts. Instead, add the clearing account balance to the total bank account balance.
Links:
Journal Entry
Creating a Beginning Balance Journal
To create a new journal, click the New button while on the List screen. From the drop-down list, select ‘General Journal Entry’.
The Journal Date should be set to the last day of the accounting period prior to system startup day.
Enter a Journal Description, such as ‘Beginning Balances’.
Line entry
Click the New Line button to enter a new line. Select a GL Account. The Type and Description will automatically be displayed.
Enter a single debit or credit amount against each of your balance sheet accounts.
NOTE: Do not make an entry to your Current Earnings account, which is automatically calculated and never directly entered.
Enter a single year-to-date debit or credit amount against each of your income statement accounts.
If you want to attach reference notes to any line item, you can do so in the Notes field.
Continue adding lines until your journal entry is complete. In the Line Totals panel, the Difference value must be zero, which indicates that your total Debits equal total Credits.
When your entries are completed and in balance, click the Close button or the List tab.
Exiting and returning to your journal
If you wish to leave the screen and return later to complete your journal, you may freely do so. If your journal is not in balance, the journal’s Status is ‘Open.’ If your journal is balanced, the journal’s Status gets changed to ‘Balanced.’
Posting the journal
If you wish to print your journal and review it before you post it, click the Print button.
To post the journal entry, return to the List tab. The journal’s Status must be ‘Balanced’ or ‘Printed’. If the Status is ‘Open’, you must return to the Detail tab and edit your Journal Entry lines until they are in balance.
The final step is to post your journal by clicking the Post button.
