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Starting Balance

Enter your opening balances in the organization settings to ensure the accounts are accurate and to help keep historic accounting records.

Maui Banag avatar
Written by Maui Banag
Updated over a week ago

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.

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