Chapter 11 - Establishing Starting Account Balances
Helpful Hints
For Bank Accounts:
If your beginning bank account balance is for an existing account, you should enter your beginning balance as an adjustment (e.g., bank statement ending balance)
If your beginning balance is for a new account, enter a deposit to establish your beginning balance
Before entering beginning balances for escrow type bank accounts, you must first have entered those properties that make up your bank balance (balance is constructed by entering each property that has a balance: one deposit entry per property)
For Accounts Receivable and Accounts Payable Accounts:
To establish A/R & A/P beginning balance:
Construct your balance by entering and posting each individual outstanding invoice/bill as of the appropriate financial target date
