You probably will find the information you need on a general ledger report, or on a balance sheet and an income statement that was printed for the month prior to your conversion month (the month in which you'll begin using AccountEdge). Income statements are sometimes called profit and loss statements.

If you've used another accounting software application to manage your company's books, simply print these reports for the month prior to your conversion month. Your accountant or bookkeeper may be able to provide these reports, as well.

If you're unable to use a report with this information, you'll need to gather it from a variety of other sources

• Your bank statement should show the balance of your bank accounts as of the last day before the start of your conversion month. You may need to review the running total within your statement to determine the balance for that particular day.
• For Accounts Receivable, simply add up the total amount owed to you by your customers.
• For Accounts Payable, add up the total amount you owe to vendors.
• If you have assets such as machinery, vehicles or office equipment, calculate their current (depreciated) value, then enter these amounts in the appropriate asset accounts.
• If you have bank loans, credit card debt or other debts, record the amount you owe, as of the last day before the start of your conversion month.
• If customers have paid you deposits or other payments in advance, record these amounts as liabilities.
• Estimate the current value of your equity accounts. This should be the difference between your assets (cash in the bank, accounts receivable, equipment, inventory, etc.) and liabilities (debts to vendors and others, along with deposits and advance payments from customers).

This tip applies to:

Account Opening Balances window