I don't understand how to enter starting balances in a new company. I want to enter the starting balance for a bank account. The knowledge base describes a procedure for entering a period zero entry using a clearing account, but it doesn't give enough detail. I need to know how to create a journal transaction that will populate my starting balance (or is it beginning balance??) so I can get started.
If this is a company that is starting from scratch, and the only asset you have is money in a bank account, then it would be one journal transaction:
Debit bank account