Starting balance of year
ephraim
Member Posts: 4
How do I **categorize **the first transaction in the year called "Starting balance".
0
ephraim
Member Posts: 4
How do I **categorize **the first transaction in the year called "Starting balance".
Comments
Hi, @ephraim,
Do you mean your retained income? If you do, well, you don't have to. Wave doesn't end its years like other accounting platforms do. You can always go back and edit past transactions. Accounts are not emptied out into a "Retained income" account.
If you're setting up your starting balance as part of setting up a business in Wave, you would use a journal entry to record the balance of all of your accounts when first creating a business. You can create a journal entry by clicking on "More" on the top right corner of the transactions page, and go to "Journal transaction".
Let me know if that helps!