Opening Balance

Just starting a new company and have recieved a Year End Trail Balance from the Accountant for the previous year.

My question is the trail balance amounts have positive and negative amounts, so do I enter the amounts like AP as a negative amount and AR etc. as positive amounts in the opening balance in the Account setup.

Thank you

 

  • Depends on the format of the Trial Balance from the accountant.  In most cases, they give you one that totals to zero at the bottom.  If so, then generally all credits on the report will be negative.

    If this is the case, then you would do this:

    Any Asset or Expense account: you would enter the number exactly as you see it on the Trial Balance.  If you see a negative, enter it as a negative.

    Any Liability, Equity or Revenue account: you would switch the sign.  So if you see a negative on the report, enter a positive and if you see a positive for one of these accounts, enter a negative in Simply.

    Basically in Simply you enter increases to the balance of the account as positive numbers and decreases as negative numbers.

    Then run the Trial Balance in Simply to see if you got the debits and credits correct.  You can always try a few accounts first to make sure it works as you expect.