If your conversion month (that is, the month you begin using FirstEdge) is the first month of your fiscal year, all you need to enter are the balances of your balance sheet accounts (asset, liability and equity accounts).
If you or your accountant has a trial balance report for the month prior to your conversion month, the ending balance for each account for that month will be its opening balance in FirstEdge.
Profit and loss accounts should be zero
The opening balance of all your income and expense accounts, as well as your Current-year Earnings account, should be zero. Additionally, the previous year's earnings should already be included in the balance of your Retained Earnings account.
Enter positive numbers
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.
Note: What is the Historical Balancing account?