FrontAccounting forum — How to adjust existing account balance as opening balance in FA.

Re: How to adjust existing account balance as opening balance in FA.

null@example.com (siddiquinoor) — Wed, 02 Sep 2020 14:50:07 +0000

Thank you so much for the clarification.

Re: How to adjust existing account balance as opening balance in FA.

null@example.com (flpages) — Wed, 02 Sep 2020 12:09:51 +0000

It could be the balance of Capital or Retained Earnings.
You can't adjust based on these.
you should enter all the account balance in old system Balance sheet into the new FA opening balance.

How to adjust existing account balance as opening balance in FA.

null@example.com (siddiquinoor) — Wed, 02 Sep 2020 11:32:32 +0000

Dear all,

I am trying to setup FA for my existing business and I am not an accountant. All your posts/replies helping me to start with FA. Now I am hanging in the following situation and have the following:

Assets
===================
Checking Account = 1000/-
Petty Cash = 1000/-
Accounts Receivables = 1000/-
Inventory = 1000/-
----------------------------------
Total Assets = 4000/-

Liabilities
===================
Accounts Payable = 1000/-
Sales Tax = 500/-

How can I adjust the rest 2500/- amount to match with my assets in which account in FA?

Thank you in advance.