NOTE: If transactions have already been entered and/or the Year End Wizard has been run for this company: Enter the beginning balances in a General Journal Entry transaction. 

 

• For open years, beginning balances can only be entered if no transactions have been created
• For closed years, beginning balances can be entered for any period
• Beginning balance adjustments take effect as of the last day of the period
• If you want to change the balance as of the first day of a period, enter the adjustment in the previous period

1. Select Maintain, then select Chart of Accounts.
2. Select Account Beginning Balances.
3. Select the desired adjustment period, then select OK.
4. When adjusting beginning balances, the Assets, Expenses column change must equal the Liabilities, Equity, Income column change. Any difference in the change in the columns is displayed as the Trial Balance.
5. If you’re unsure which account to use, consult your accountant.
6. Select OK when finished.