Opening Balances

The Opening Balance form is very important in the initial setup of your company.  It allows you to enter opening balances for your chart of accounts, inventory items, customers, vendors and employees.  Most companies do not want to spend the time entering all their past Invoices and purchases to bring their customers, vendors, and Inventory Items to their appropriate balances.  You can use this form to enter Opening Balances in four main areas of the program.

Toolbar Buttons

Toolbar Buttons perform an action on the current record like adding, deleting or saving.

The Chart of Accounts button will open the Chart of Accounts Opening Balance form where you can enter opening balances for any account in the chart of accounts.

The Inventory Opening Balances button will open the Inventory Opening Balances form where you can enter opening balances for any inventory item in the inventory form.

The Customer Opening Balance button will open the Customers Opening Balances form where you can enter opening balances for any customer in the Customers form.

The Vendor Opening Balance button will open the Vendors Opening Balances form where you can enter opening balances for any vendor in the vendors form.

The Vendor 1099 Opening Balance button will open the Vendor 1099 Beginning Balances form where you can enter opening balances for vendor 1099.

The Employee Opening Balance button will open the Employee Opening Balance form where you can enter opening balances for any employee's total earnings and hours worked, taxes and deductions for the year in the Employees form.

Press F1 or click F1-Help button at the bottom left corner of the form for help on what this form is all about.

It is necessary to have all your Chart of Accounts, Inventory Items, Customers, Vendors and Employees entered before you can enter any Opening Balances.