• SMETechSG

How to Enter Account Opening Balance

1. Go to the (*menu bar) Setup, choose Balances and then Account Opening Balances.


2. The Account Opening Balances window appears. Enter the balances in the Opening Balance column.

NOTE : You should enter opening balances as positive numbers. Do not, for example, enter your liability account balances as negative numbers. Enter negative amounts only if accounts truly have negative balances (example: asset accounts that record accumulated depreciation).


3. Check that the amount in the Amount left to be allocated field at the bottom of the window shows $0.00.

If this field displays an amount other than $0.00, check your opening balances again because they are either incomplete or incorrect. However, you can continue the setup process if there is an amount in the Amount left to be allocated field. The amount will be assigned to a special equity account called Historical Balancing.


4. Click OK.


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