If this is your first year using the system, you can enter opening (not mid-year) balances for your balance sheet accounts on the Beginning Balances tab of the Accounts screen.
Alternatively, you can import balances from QuickBooks, Peachtree, Creative Solutions, or from an Excel spreadsheet.
You can also export the figures on the Beginning Balances tab to an Excel spreadsheet for archiving and reference purposes.
Totals for debits and credits are computed to indicate whether your entries are in balance, and when you close your first year, ending balances automatically roll over to next year's beginning balances.
To enter beginning balances:
1. Select Accounts from the Company menu to open the Accounts screen, and select the Beginning Balances tab.
The tab displays the date of the initial balances, and lists each of the accounts defined in the Chart of Accounts.
2. Enter Debits and Credits for each account in the appropriate column to enter these figures manually.
Alternatively, click Import to import the balances, and select the source of the imported data from the drop-down menu.
You can select QuickBooks, Peachtree, Creative Solutions, or Generic Excel as the source.
The Import Account Balances dialog appears.
3. Navigate to and select the file to import and click OK.
The Import Account Balances dialog closes and the data in the file is imported into the Beginning Balances tab.
You can manually adjust the balances listed.
4. (Optional) Click Export to create an Excel spreadsheet containing the data in the Beginning Balances list.
5. Click Save to accept the balances entered.
You must save your entries on this tab before moving to another tab of the Accounts screen.