PSA L&P - Accounts: How to add an opening balance

How to add an opening balance

When you have run at least one End of Year Process the best option for adding an opening balance to an account is to use a journal entry as a Beginning Balance Entry instead of using the actual beginning balance entry. Using the actual beginning balance entry will change the first year ParishSOFT Accounting was started, not the current year to which you are adding the account.

If this is a new Bank Account (most common) you will debit that Asset and Credit your Net Asset account (normally), however, there may be reasons to use a different account for the Credit.


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