To enter detail accounts' opening balances

If you plan to add many accounts to the MYOB FirstEdge system -- for example, if you're setting up your company for the first time -- it's a good idea to follow the procedure To add an account for each account that you plan to set up. Then, when you're finished entering all your accounts, continue with this procedure.

The Account Opening Balances window should be displayed.

If your conversion month is the first month of your fiscal year, enter the opening balances of your asset, liability and equity accounts only. (The opening balances of all your income, cost of sales and expense accounts should remain zero.)

If your conversion month isn't the first month of your fiscal year

all

Enter your account balances as positive numbers. (Don't, for example, enter asset amounts as positive numbers and liability amounts as negative numbers.) FirstEdge knows whether each account should have a debit or credit balance. Enter a negative amount only if an account has a negative balance.

Special treatment is required for some accounts

Check the "Amount left to be allocated" field at the bottom of the window:

If this field displays $0.00, the total of the opening balances you assigned to your asset accounts equals the total opening balances of your liability and equity accounts. Continue to the next step.

If the "Amount left to be allocated" field displays an amount other than $0.00, see To learn why a non-zero amount remains to be allocated.

Click OK.