Accounts

If your conversion month isn't the first month of your fiscal year

If your conversion month (that is, the month you begin using AccountEdge) isn't the first month of your fiscal year, you should enter the balances of all your 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.

If you don't have a trial balance report, you can use the amounts on a current balance sheet for your asset, liability and equity accounts' opening balances; you can use the amounts on a year-to-date profit and loss statement for your income, cost of sales and expense accounts' opening balances.

Current-year earnings account

AccountEdge includes an equity account for your current-year earnings. The opening balance for this account is calculated automatically. Although this account doesn't appear in the Account Opening Balances window, don't worry -- it does exist. Since AccountEdge will track these amounts automatically, you don't need to create a current-year earnings account and enter a balance for it.

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. (Creating items)

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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