FrontAccounting forum — Set up Journal entries.

Re: Set up Journal entries.

null@example.com (apmuthu) — Thu, 20 Dec 2012 17:43:54 +0000

Use the profit and loss account or any suspense account - it will all zero out since the Balance Sheet is balanced. Even a dummy Balance Sheet Type account possibly named "Opening Balances Transfer Account" would suffice.

Set up Journal entries.

null@example.com (jonathan46) — Thu, 20 Dec 2012 17:13:03 +0000

I have read that I am to set the initial bank balance, stock and other G/L balances to match my last balance sheet.
But Journal Entries have TWO parts where should I allocate the second line?
Please could you give an example showing both sides of the Journal Entry.