Account Starting Balances
What do I enter for the starting balance in accounts?
The starting balance to enter into Goldenseal accounting software depends on the type of account.
You don't directly enter a starting balance for Customer accounts. If a customer owes you money when you start using Goldenseal, enter Sales transactions for the unpaid items, and it will add them to the customer's Accounts Receivable balance.
You don't directly enter a starting balance for Project accounts. If you are owed for work you have already done on a project, use the Billing command to create Billing Records for the unpaid balance. If you start using Goldenseal midway through a project and you've already been paid for that work, set up the Project account for just the remaining work that is still unpaid.
HINT-- If you have a line of credit, it's possible that an asset account can start with a negative balance.
Enter the current unpaid balance as a negative starting amount.
HINT-- If you have overpaid your account, it's possible that a liability account can start with a positive balance.
If you owe money for previous purchases, enter them as Material Purchase transactions. Goldenseal will then include them along with your current Accounts Payable.
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