User Support Forum

I am a new user and NOT an accountant. I need to start this new year with zero balances since I cannot correct the balances from last year (too time consuming and too inexperienced). I have no idea where to start with this- can someone point me in the direction of help, please? I am also inexperienced in using the forum as well.

You probably don't want to start with zero balances.

You should enter the balances of your bank accounts as of 12/31/09 as starting balances. That way, your reconciliations will work properly.

If your checking account balance was 5,400.00 on 12/31/09, then, make this entry:

DB 01-1110-000 general checking $5,400.00
CR 01-3110-000 unrestricted net assets $5,400.00

Do the same for each bank account, substituting it for the 01-1110-000 part. (savings 01-1112-000, or whatever account number you choose to give it).

If you have other questions, post them. There are several knowledgeable (and friendly) people here on the forum.