User Support Forum

Hello,

I have set up the accounting in Powerchurch already (v. 10.4), however, as advised by my company, we entered the Opening Balances of each account at "0" at the beginning of our fiscal year (Oct 1, 2009). Now, we are wanting to enter the Opening Balances from our previous bookkepping software. Do I need to do this through a Journal Entry, or is there a way to do this through another module? I am assuming if I enter them through a Journal Entry, they will not show up in the reporting under the "Opening Balance" title that many of the reports have.

If you advise to do a Journal Entry, what would a sample of that look like for Asset, Liabilities, Income, and Expense accounts? (Just a basic - what to CR and what to DR, would be helpful)

Thanks very much for your help!

Bridget

Bridget Boadway wrote:Hello,

I have set up the accounting in Powerchurch already (v. 10.4), however, as advised by my company, we entered the Opening Balances of each account at "0" at the beginning of our fiscal year (Oct 1, 2009). Now, we are wanting to enter the Opening Balances from our previous bookkepping software. Do I need to do this through a Journal Entry, or is there a way to do this through another module? I am assuming if I enter them through a Journal Entry, they will not show up in the reporting under the "Opening Balance" title that many of the reports have.

If you advise to do a Journal Entry, what would a sample of that look like for Asset, Liabilities, Income, and Expense accounts? (Just a basic - what to CR and what to DR, would be helpful)

Thanks very much for your help!

Bridget

FYI .. Bridget, each area of Powerchurch has a separate forum, this would be an Accounting question. That said, yes, you would have to enter a set of Journal Entries to add your starting balances. A search in the forum on 'Beginning Balance" brought up this thread:

viewtopic.php?f=3&t=4283&p=16058
viewtopic.php?f=3&t=4474

These should help you out.