Opening balances in new company

When setting up a new company from scratch is it mandatory that opening balances be entered before I can begin entering journal entries and transactions.  OR, can I start entering entries and go back to enter opening balances when I get them from my accountant....?  I am using Premium 2014.

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  • 0

    Hi Glenn77,

    As long as you are in history mode, you can still adjust the opening balance of your account. 

    If you see the option History in the menu bar of the home screen, your data file is still in history mode. 

    One reminder is that when you adjust the opening balance of one account, it will affect either the debit or credit and you will be asked to select an account for the opposite side.  If you do not know which account you want to choose for the opposite side, you can discuss it with your bookkeeper or accountant.

    Hope this helps.

  • 0 in reply to Keith L

    But if still in history mode can journal entries still be done?

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