The Account Opening Balances window enables you to enter the balance of each account in your accounts list as of the first day of your conversion month. Your conversion month is the month in which you begin entering transactions into your company file.
If the first day of your conversion month is not the first day of your fiscal year, enter both balance sheet and profit and loss balances.
To ensure your business records are set up properly, the amount that appears in this field should be zero. If this amount isn’t zero, the difference will be assigned to your Historical Balancing account, which appears in the Accounts & Banking Linked Accounts window.
