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Another Beginning Balance Thread...
07-03-2012, 02:43 PM,
#4
RE: Another Beginning Balance Thread...
Is "Bank of America Checking" the same bank account as "1030 cheque accounts" - as the above entry would simply Credit 1030 wiht the receipt and debit the same account with the payment - net effect nil.
You can check (note spelling) the bank account setup from setup->Bank accounts.
If you wish to bring on an opening GL balances then you need to enter the receipt against all the other balances that you are bringing on eg. You have some plant and equipment 1000 and some customer balances (debtors) and you owe some suppliers (creditors) and you have some retained earnings (capital) in the business.

enter the receipt for the capital (at the amount of the retained earnings b/fwd) and the negative receipts for the debtors, plant and a positive receipt for the creditors ... the balance of the entry total should be the amount of the receipt to enter to the bank account.

Only a few concepts in accounting but this double entry thing can fox many people. Just need to work with it to get your head around it.


Phil Daintree
webERP Admin
Logic Works Ltd
http://www.logicworks.co.nz
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Messages In This Thread
Another Beginning Balance Thread... - by Aethelwulffe - 07-01-2012, 12:41 AM
RE: Another Beginning Balance Thread... - by Aethelwulffe - 07-02-2012, 02:02 AM
RE: Another Beginning Balance Thread... - by phil - 07-03-2012, 02:43 PM

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