How to alter a beginning balance
Beginning balances are the balance of your accounts when you first start using the software. They would be the ending balance from your prior system.
They should not be added or modified to correct a subsequent mistake or to record an account balance that was not part of your previous system. Instead, a journal entry would be used.
Beginning balances should only be altered if they were entered incorrectly.
- To alter a beginning balance, simply add a new entry for the difference. For example, if the ending balance in your prior system for account A-101 was 1,000.00 and it was entered as 100.00, the new entry would be for 900.00.
- The existing beginning balance and the new beginning balance will be summed together.