Logos - System: How to enter Beginning Balances

How to enter Beginning Balances in Logos Accounting

 

You are able to enter Beginning Balances by clicking on the System & Users tab → Miscellaneous UtilitiesEnable Beginning Balances

At the end of each fiscal year, all income and expense entries roll into their associated fund (or net asset account) and are zeroed out. Therefore, at the beginning of each fiscal year, income and expense accounts start with a 0 (zero) balance. It then follows that one would never enter a beginning balance for an income nor expense account. If you need to update the 'balance' on income or expense accounts, you must do it through creating a journal entry which debits/credits the income/expense accounts.

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