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:
Sales Invoices
Establish starting balances for your open sales invoices:
Purchase Invoices
Record opening balances for your outstanding purchase invoices:
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.
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.