Trying to set up a new file and enter the opening and movement balances? Follow the steps below:
How to setup Opening Balances
- Select + New.
- Select Journal Entry.
- Enter the date you want to set up the opening balance (e.g. 30/06/2017)
- Enter in a Journal no. and copy & paste the name in the memo field (e.g. Journal entry Year end 2017)
- Select the relevant Accounts and fill out the journal as per the Trial Balance in the existing file (using debit/credit amounts)
- Click Save and Close
How to set up movement balances
Movement balances are used when you start a new file in the middle of a financial year (e.g. 1st of May).
- Select + New.
- Select Journal Entry.
- Enter the date you want to set up the opening balance (e.g. 01/05/2017)
- Enter in a Journal no. and copy & paste the name in the memo field (e.g. Movement 2018)
- Select the relevant Accounts and fill out the journal as per the Trial Balance in the existing file (using debit/credit amounts)
- Click Save and Close
Note: The debt & credit amounts must be equal in order to complete a Journal Entry.