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.

Helpful Links:

Did this answer your question?