If your conversion month (that is, the month you begin using FirstEdge) isn't the first month of your fiscal year, you should enter the balances of all your 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.
If you don't have a trial balance report, you can use the amounts on a current balance sheet for your asset, liability and equity accounts' opening balances; you can use the amounts on a year-to-date profit and loss statement for your income, cost of sales and expense accounts' opening balances.
Current-year earnings account
FirstEdge includes an equity account for your current-year earnings. The opening balance for this account is calculated automatically. Although this account doesn't appear in the Account Opening Balances window, don't worry -- it does exist. Since FirstEdge will track these amounts automatically, you don't need to create a current-year earnings account and enter a balance for it.
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?