• From: UK, Uxbridge
  • Registered: 09/23/2011
  • Posts: 41

Topic: Set up Journal entries.

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.

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,094

Re: Set up Journal entries.

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.

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