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Starting Account Balances

FD Assistant3FD Assistant3 Member Posts: 4

Please help me.

I need to know how to enter opening balances because I can't enter it as is. As what this linkhttps://support.waveapps.com/hc/en-us/articles/208622796-What-is-a-starting-balance-transaction- would instruct, it would only give us instructions on how to set up the bank balance not the balances of other accounts such as current assets, fixed assets, liabilities, share capital, etc.

Anyone, please help me with this.

Thank you.

in Accounting Technical Support

Comments

  • francofranco Member Posts: 1

    I have similar issues. I've created my Charter of Accounts, then went in to start posting transactions, it wouldn't provide the accounts that I setup. Please advise, Thanks

  • CharlotteCharlotte Member Posts: 671 admin

    Hi everyone! Thanks for posting. To record your starting balances for these accounts, you can use Journal Transactions. First, navigate to your Chart of Accounts and create a Starting Balance Equity account (you can also use Owner's Equity).

    Next, go to your Transactions tab and add a Journal Transaction (under More):

    For a liability account, credit the liability and debit starting balance equity.

    For an asset or expense account, debit the asset or expense and credit starting balance equity.

    You should also find that the article linked in the original post has now been updated. :)

  • talymotalymo Member Posts: 1

    @Charlotte said:
    Hi everyone! Thanks for posting. To record your starting balances for these accounts, you can use Journal Transactions. First, navigate to your Chart of Accounts and create a Starting Balance Equity account (you can also use Owner's Equity).

    Next, go to your Transactions tab and add a Journal Transaction (under More):

    For a liability account, credit the liability and debit starting balance equity.

    For an asset or expense account, debit the asset or expense and credit starting balance equity.

    You should also find that the article linked in the original post has now been updated. :)

    I keep getting an error that says Credits and Debits must match...

  • AimaxAimax Member Posts: 1

    Hi everyone! I got some issue with my account. Since after using Journal Transaction to key in the starting balance and start with the next period of accounting report, I notice that the Income of starting balance also was bring forward. Please if anyone can help me with this matter.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi @Aimax.

    Can you give me a little bit more information? Are you just starting your account, or are you have trouble accounting for your year's end?

  • ahweiahwei Member Posts: 1

    Yes and indeed I find the Balance Brought Forward is absolutely important and should be in WaveApp. It should have the flexibility for the user to enter the figure straight into the respective account.

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