Step 2 - Notes On Entering Your Opening Balances

Your opening balances are entered through general journals found on the Journals|General Journal Batches menu. These should be posted to either the last period of the previous year (and then the year should be closed and moved forward) or into the current period of the current year.

Your opening balances represent all the balance sheet items of your trial balance if entering into the current period. If entering to a past period and then "rolling over" the year then the balances will be for the entire trial balance. You should print this report from your old accounting software or have it prepared manually by yourself or your accountant.

Once the journal entries have been entered and carefully checked, they should be "posted" into the applicable accounting period as described in "Entering opening balances".