This is a new business and i am unable to add the equity value (owners capital) unless i add a starting balance date. Yes, i can add the names of the owners but not a value.
the starting balance for any account should have a date associated with it.
Yes, i know that. But the guide said, you should NOT put a starting balance date if the business in NEW, its only for OLD/existing business.
if it is a new business you cannot have starting balances.
you should be entering them as transactions i believe.
Yes, the initial contributions to owners’ capital accounts in a new business are entered as cash or bank transactions (Receive money), allocated to the capital account, member name, and subaccount.