Hi there,
I am moving across from another accounting package and can’t work out how to enter my starting balances. I have set my start date as 1/07/2016. The guide then says that I should run the report called Opening Balances. I can’t see this report, but figure it means Starting Balances. The note says it will generate a report with zero balances against each account, then I can edit them. My report is empty. There are no accounts listed so there is nothing to edit. What have I missed?
You are not reading a Guide. You are reading a two-year old response to a question on the forum that is completely obsolete. The Starting Balances report is no longer edited to enter opening balances.
Opening balances can be set only for some balance sheet accounts. Once you have set a start date, a box to indicate an opening balance is visible when creating or editing a specific account under Chart of Accounts in Settings. For example:
Accounts where the option is not available are “control” accounts. An example is Fixed assets. Opening balances must be set by defining individual fixed assets, including cost and accumulated depreciation to date. The individual asset entries are rolled up to generate the opening balance of the Fixed assets account.
For more up to date information, go to the Guides category in the top menu bar.