Create the initial balances in a new company

Create the initial balances in a new company

To create the initial balances:
  1. Access the opening balances page from the Chart of Accounts : Accounting menu , Financial accounting, Chart of Accounts , right click in the list of accounts, Opening and previous balances .
  2. Click on the Balance Sheet tab on the Initial and Previous Balances page:

    1. If this is your company's first accounting period, meaning its activity begins during the current period, enter the amounts of the asset and liability accounts in the Beginning Balance column.
    2. If the company was already in operation during the previous fiscal year, enter the amounts in the Previous Balance column. Once the amounts in the Previous Balance column are entered, automatically transfer the amounts from the Previous Balance column to the Beginning Balance column using the context menu, Replace Beginning Balances :



  3. Asset account amounts should be entered as positive and liability account amounts as negative. The totals at the bottom of the columns will show non-zero amounts if the asset and liability class totals do not balance. Information located at the bottom left of the page indicates the number of rows with discrepancies between the Previous Balance and Beginning Balance columns.



  4. In the Profit and Loss statement tab, enter the amounts in the Previous Balance column. Revenue account amounts should be entered as negative and expense account amounts as positive.
  5. To confirm your initial balance, click the OK button. The opening balance sheet entries are automatically created in the list of entries.
Info
To access the initial sales page, you have two other options:
  1. From the Configuration menu: Configuration menu, Initial and previous balances .
  2. From the Entries page: If opening balance entries are already present in the list of entries, double-click on an Opening Balance entry. Opening balance entries are identified by the Opening Balance journal.