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Setting up your company file > Enter account opening balances
is the first month of your financial year, enter the opening balances of your asset, liability and equity accounts only. The opening balances of your income, cost of sales and expense accounts should be zero.
is not the first month of your financial year (for example, if your financial year starts in July but your conversion month is September), enter the opening balances of all your accounts.
To enter opening balances
1
Go to the Setup menu, choose Balances and then Account Opening Balances. The Account Opening Balances window appears.
2
Enter the balances in the Opening Balance column.
3
Check that the amount in the Amount left to be allocated field at the bottom of the window shows $0.00.
4

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