Enter Account Beginning Balances

Make any changes necessary to the pre-loaded ObjAcct chart of accounts to customize it to fit your company and enter beginning balances. 

Additions, deletions and modifications may be made to create a customized chart for a specific company or organization. 

There are two ways to set up beginning balances.

1.  As you add each chart of account number you can enter a value in Balance.   Once an account has activity, Balance can no longer be changed.  To make sure that your books are always balanced, ObjAcct automatically makes an offsetting entry to the Opening Balance Equity account every time you enter a beginning balance in Chart of Accounts.

NOTE:  The Opening Balance Equity account may not be deleted, but you may change the Account ID and or name. 

2.  You may also enter a Journal Entry to record account beginning balances.  Use a Trial Balance report from your old system to obtain the account beginning balances.  You should check on the Opening Balance field to record the entries as account beginning balances and mark the transactions as cleared so they will not appear in the Reconciliation application. 

If you enter documents for your customer and vendor open balances, you will need to adjust the opening account balances for the Accounts Receivable, Accounts Payable, income and expense accounts in the Chart of Accounts since these account balances will be updated with the customer and vendor documents.

Print a Chart of Accounts to confirm the information that you entered.  Print a Trial Balance report to make sure that balances that you entered match your previous accounting system.