Create a New Initial Balance Document
To create a new Initial balance:
A listing page of Initial balances opens.
2. On the listing page, click + Add new.
You are taken to a page for entering the Initial balance details. The page consists of the following sections:
- General area.
- Tabs section
- Bank accounts tab
- Goods tab
- Fixed assets tab
- Customer liability tab
- Vendor liability tab
- Other accounts tab
3.In the General area, add some notes if required, and provide the document number.
4. Under the Bank accounts tab, add information about all your existing bank accounts and their balances, along with specifying bookkeeping accounts for them.
5. Under the Goods tab, specify information about the goods that you currently have in stock and their balances, along with inventory account, warehouse information, their amounts and quantities.
6. Under the Fixed assets tab, specify the information about fixed assets that your company owns, with their inventory numbers, names, accounts for bookkeeping of expenses and depreciation, initial, salvage and residual value, a method of depreciation, its initial and used periods, dates of commissioning and decommissioning.
7. Under the Customer liability tab, add information on about your customers and invoices that they are still about to pay, along with its currency, debit and credit amounts and account for bookkeeping.
8. Under the Vendor liability tab, add information on about your vendors and purchase invoices that your company is still about to pay them, along with its currencies, debit and credit amounts and account for bookkeeping.
9. Under Other accounts tab, you may add items that not fall under any of the previous tabs.
10. Click Save.
Initial Balance: General Area
Initial Balance: Bank Account Tab
Initial Balance: Goods Tab
Initial Balance: Fixed Assets Tab
Initial Balance: Customer Liability Tab
Initial Balance: Vendor Liability Tab
Initial Balance: Other Accounts Tab