Starting Balances

dkettelkamp · February 7, 2019

I understand the concept of the starting balance, but I have a couple of questions
1. Do all of the accounts need a starting balance or just some of them
2. Should the starting balances be $0 or should it be what is actually in the account....for example, I have a business loan account that I pay every month on, and I see the balance reducing with each payment. Do I put a Starting balance record in this account for $0 or the actual ending balance?
3. Where can I find more information on what is required to 'close the book' for a fiscal year?

Any help would be much appreciated!