Important things to remember:
Plus users would need to enter/transfer their opening balances in the Starting Balance feature otherwise, their balance for the year 2020 will be 0
Starting Balances set would be the source in providing accumulated year-end numbers in your Balance Sheet
Make sure to counter check any Financial Reports after entering these balances
To set up Starting Balances Follow the video tutorial below:
Starting Balance Setting is accessible in the Organization Settings of your Plus Account.
STEP 1: From the Menu Bar choose Settings.
STEP 2: Select Starting Balance.
STEP 3: Enter your Opening Balances
Start with the reference number or any information describing the entry (as seen below)
Make sure to enter the correct financial year-end date
Start filling out the table by adding the description, chart of accounts, and the debit/credit numbers.
That's it! Starting balances will flow accordingly to your General Ledger and Financial Statements.
In this example, we use the Balance Sheet; notice that the same amount entered in the Starting Balance appeared in this report.