Guide Categories
Starting Balances
The Starting Balances feature in Accounter.co.za allows you to easily input the initial balances of your accounts and subsidiary ledgers at the time of transitioning to Accounter.co.za from another accounting system. This ensures accurate tracking of your financial data going forward.
You can access the Starting Balances feature under the Settings tab.
Why Use Starting Balances Instead of Journal Entries?
Many users initially consider using a journal entry to establish opening balances. However, a journal entry can become lengthy and complex. Additionally, starting balances are not limited to accounting debits and credits only. For instance, if the Inventory Items tab is enabled, you may need to record management-related balances such as quantities on hand, quantities to deliver, and quantities to receive, which are not strictly accounting entries.
Entering Starting Balances for Specific Tabs
Accounter.co.za provides separate entry screens for entering starting balances for specialized accounts and account categories. These dedicated screens simplify the process and help ensure accuracy when setting up your records. The following specific screens are available:
Special Accounts
Set up starting balances for your special accounts:
- See detailed guide at Starting Balances — Special Accounts.
Sales Invoices
Establish starting balances for your open sales invoices:
- See detailed guide at Starting Balances — Sales Invoices.
Purchase Invoices
Record opening balances for your outstanding purchase invoices:
- See detailed guide at Starting Balances — Purchase Invoices.
Investments
Enter initial balances for investments:
- See detailed guide at Starting Balances — Investments.
Inventory Items
Specify initial management-based balances such as Quantity on Hand, Quantity to Deliver, and Quantity to Receive:
- See detailed guide at Starting Balances — Inventory Items.
Intangible Assets
Input the initial balances for intangible assets:
- See detailed guide at Starting Balances — Intangible Assets.
Fixed Assets
Record starting balances for fixed assets:
- See detailed guide at Starting Balances — Fixed Assets.
Employees
Configure the starting balances relating to your employees:
- See detailed guide at Starting Balances — Employees.
Capital Accounts
Input beginning balances for capital accounts:
- See detailed guide at Starting Balances — Capital Accounts.
Bank and Cash Accounts
Record opening balances for your bank accounts and cash accounts:
- See detailed guide at Starting Balances — Bank and Cash Accounts.
Balance Sheet Accounts
Set initial balances for custom balance sheet accounts you have set up under Chart of Accounts:
- See detailed guide at Starting Balances — Balance Sheet Accounts.
By using the Starting Balances screens provided by Accounter.co.za, you can quickly and accurately capture all essential financial data needed for proper ongoing accounting and management purposes.