Posting Opening Balances
We have recently taken over an existing company and need to transfer opening balances. We've been given an excel file with GL detail. What balances need to be entered and how do we go about it?
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02/27/11 12:27pm PST
Viewed by asker 02/28/11 6:03pm PST
Viewed by asker 02/28/11 6:03pm PST
3 Replies
MoniqueC
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02/27/11 8:42pm PST
With a general journal entry. But what balances need to be entered depends on a lot of factors -- I can't say what should or should not be entered without knowing more about your situation.
02/28/11 6:03pm PST
Hi MoniqueC:
Appreciate you getting back to me. I understand that the only accounts that need opening balances are those included on the Balance Sheet. How do I determine what the offsetting entry is when I complete the general journal entry; i.e., posting equipment?
Thank you, EliteTrio
02/28/11 8:28pm PST
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Balance sheet means the debits and credits equal. Assets = liabilities + equity.
You'll enter the assets as debits, and the liabilities as credits, and the balance is a credit to an equity account.
