• From: NSW, Australia
  • Registered: 07/15/2018
  • Posts: 2

Topic: Starting Balances

I'm looking at migrating over and running FA, but for a few months I want to run it along side my current accounting program to make sure it meets my requirements before committing entirely.

The problem I'm having is I can't seem to set the start account balances anywhere for my cheque and credit accounts. I'm sure this is a simple process however I've spent 2~3 hours just on this so far and I don't appear to be getting anywhere fast. I've really posted this out of shear frustration.

  • From: NSW, Australia
  • Registered: 07/15/2018
  • Posts: 2

Re: Starting Balances

Is this the correct place
Banking and General Ledger -> Deposits -> 30000 Opening Balance Equity?

3 Reply by poncho1234 (edited by poncho1234 07/15/2018 06:40:14 pm)

  • From: Colombia
  • Registered: 12/29/2014
  • Posts: 627

Re: Starting Balances

For initial balances, its better to do journal entries - Banking and General Ledger -> Journal Entry
Then choose the general ledger account you have assigned to that bank account.

You can have as many bank accounts as you need - cash, petty cash, deposit, etc
A GL account needs to be assigned to each bank account, you may need to create the necessary GL accounts

The FrontAccounting Wiki(Manual, examples, tips, setup info, links to accounting sites, etc) https://frontaccounting.com/fawiki/
  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,089

Re: Starting Balances

If all receivables and payables are moved into the new FA using Journal entries, then allocation towards invoices cannot be done. Where such allocations are desired, the invoices that remain unpaid need to be manually entered in the previous fiscal year and the remaining should be entered using the Journal entry method.

apmuthu's Website

  • From: Colombia
  • Registered: 12/29/2014
  • Posts: 627

Re: Starting Balances

@Apmuthu - I'm sure I've seen a wiki page (poss a forum topic) on setup with account balances etc? I cannot find it.

The FrontAccounting Wiki(Manual, examples, tips, setup info, links to accounting sites, etc) https://frontaccounting.com/fawiki/
  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,089

Re: Starting Balances

Yes. Looks like it got orphaned:
https://frontaccounting.com/fawiki/index.php?n=Main.OpeningBalances
https://frontaccounting.com/punbb/viewtopic.php?pid=30427#p30427
https://frontaccounting.com/punbb/viewtopic.php?pid=31547#p31547
https://frontaccounting.com/punbb/viewtopic.php?id=1587
https://frontaccounting.com/punbb/viewtopic.php?id=7387
https://frontaccounting.com/punbb/viewtopic.php?pid=31548#p31548

apmuthu's Website

7 Reply by poncho1234 (edited by poncho1234 07/16/2018 07:24:05 pm)

  • From: Colombia
  • Registered: 12/29/2014
  • Posts: 627

Re: Starting Balances

Thats the one!

I've added it here https://frontaccounting.com/fawiki/inde … in.General

The FrontAccounting Wiki(Manual, examples, tips, setup info, links to accounting sites, etc) https://frontaccounting.com/fawiki/