FrontAccounting forum — How to record opening balance in first setup.

Re: How to record opening balance in first setup.

2020-08-29T07:22:36Z

All your mentioned accounts should be in old system balance sheet entries. The easier way is taking the old system balance sheet entries and enter into FA opening balance.

Re: How to record opening balance in first setup.

2020-08-29T04:21:45Z

Thank you so much.

Re: How to record opening balance in first setup.

2020-08-26T17:59:23Z

As I said earlier its the accountants way to handle this. No predefined formula. Yes you may provided you can justify it.

Re: How to record opening balance in first setup.

2020-08-26T14:55:32Z

Is it ok to add the extra balance in "3590 - Retained Earnings - prior years" account in FA?

Re: How to record opening balance in first setup.

2020-08-26T11:47:28Z

This is a pure accounting adjustment and every accountant has his own taste.
What I do is that I have created an account named "Openging Balance" in Owners Equity Group.

After adding all entries of Assets and Liabilities either in Debit or Credit I put the the Balancing Figure in the above account.

How to record opening balance in first setup.

2020-08-26T08:16:13Z

Dear all,
I know how to add Journal Entry but don't know how to adjust the value of the total assets in the very beginning of using FA.

I have the following for example:

Checking Account = 1000
Petty Cash = 1000
Account Receivable = 1000
Intentory = 1000
Account Payable = 1000

Thanks in advance.