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.

Customer Accounts

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.

Project Accounts

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.

Asset Accounts

You'll usually enter a positive starting balance for Cash, Checking, Investment and Savings accounts. Enter the statement balance as of the date when you start using Goldenseal.

HINT-- If you have a line of credit, it's possible that an asset account can start with a negative balance.

Liability Accounts

You'll usually enter a negative starting balance for Credit Card and Loan accounts.

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.

Cost Accounts

You don't directly enter a starting balance for Material Supplier, Subcontractor and Other Cost accounts.

If you owe money for previous purchases, enter them as Material Purchase transactions. Goldenseal will then include them along with your current Accounts Payable.

Click here to return to Accounting Software topics.