M
DownloadReleasesGuidesChatbotAccountantsForumCloud Edition

Starting balance — Balance Sheet Account — Edit

When you begin using Manager.io, you may need to set up starting balances for your balance sheet accounts to reflect existing financial positions. The Starting Balance form allows you to enter these initial balances accurately.

Accessing the Starting Balance Form

To set up a starting balance for a balance sheet account:

  1. Navigate to the Chart of Accounts.
  2. Select the balance sheet account for which you want to enter a starting balance.
  3. Open the Starting Balance form associated with that account.

Completing the Starting Balance Form

The form includes the following fields:

Balance Sheet Account

  • Description: Choose the balance sheet account you've created under your Chart of Accounts.
  • Action: Select the specific account from the dropdown list.

Starting Balance Type

  • Description: Indicate whether the starting balance is a debit or credit amount.
  • Guidance:
    • Select Debit for asset accounts.
    • Select Credit for liability accounts.

Starting Balance Amount

  • Description: Enter the amount of the starting balance.
  • Action: Type the numerical value representing the initial balance of the account.

Example

If you're setting up a starting balance for a bank account (an asset account):

  1. Balance Sheet Account: Select your bank account from the list.
  2. Starting Balance Type: Choose Debit.
  3. Starting Balance Amount: Enter the opening balance amount, such as 10,000.

Tips

  • Ensure that the starting balances entered match your previous accounting records for accurate financial reporting.
  • Double-check whether an account should have a debit or credit balance to maintain correct accounting principles.

By accurately setting up your starting balances, you'll have a solid foundation for your financial records in Manager.io.