Accounts

If your conversion month is the first month of your fiscal year

If your conversion month (that is, the month you begin using AccountEdge) is the first month of your fiscal year, all you need to enter are the balances of your balance sheet accounts (asset, liability and equity accounts).

If you or your accountant has a trial balance report for the month prior to your conversion month, the ending balance for each account for that month will be its opening balance in AccountEdge.

Profit and loss accounts should be zero

The opening balance of all your income and expense accounts, as well as your Current-year Earnings account, should be zero. Additionally, the previous year's earnings should already be included in the balance of your Retained Earnings account.

If you plan to track inventory

If you plan to use AccountEdge's inventory features, don't enter an opening balance for the account you intend to use to track the value of your company's inventoried items. You'll enter this account's opening balance when you set up your items in MYOB AccountEdge.

Enter positive numbers

Enter your account balances as positive numbers. (Don't, for example, enter asset amounts as positive numbers and liability amounts as negative numbers.) AccountEdge knows whether each account should have a debit or credit balance. Enter a negative amount only if an account has a negative balance.

Note:  What is the Historical Balancing account?

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