Trial Balance


H

Headhunter

I have started a new set of books for my firm for 2008 and I need to enter a
balance that carried over from 2007 for my checking account as of
1/1/2008…what would the JE look like?
• Chck Acct DEBIT $2,104.03
• Which account for the CREDIT?

Please know that I have been using this program for ~6 months now and just
figured out that this issue has cause me balance to be off by $2,104.03.

THANK YOU!
Tom
 
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D

DL

Generally its Creditors> Opening Balances Contra
PS This applies to All accounts that have a balance
 
H

Headhunter

Hi DL:

I'm confused...can you elaborate? is for the JE or how I update the balances?

Thank you!
Tom
 
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D

DL

If you are using the accounting program for the first time with a new
financial year ie you have no earlier years entered then you take any
balances from your previous years balance sheet and journal those opening
balances between Creditors/Opening Balances and the appropriate account.
You take the checking account balance from your statement for the end of the
last financial year.
 

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