If a non-zero amount remains in the "Amount left to be allocated" field

To learn why a non-zero amount remains to be allocated

Your list of accounts is out of balance if a non-zero amount appears in the "Amount left to be allocated" field at the bottom of the Enter your opening balances window. There are several reasons why your accounts may be out of balance:

You haven't completely entered the balance for all of your accounts or you've entered an amount incorrectly.

Review the amounts on the report you've complied from your previous accounting system and compare them with the amounts you're entered in the Enter your opening balances window to be completely sure you've entered the exact amounts. (To keep accurate fiscal records, it's important that the total of your asset accounts' opening balances equals the total of your liability and equity accounts' opening balances.)

You've entered an amount as negative when the amount should have been a positive amount.

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.

The "Amount left to be allocated" field still doesn't display $0.00 after you've rechecked your opening balances.

If you leave a non-zero amount in the "Amount left to be allocated" field, the amount will be assigned to the Historical Balancing account.

In traditional accounting terms, assets should always equal liabilities and equity.

FirstEdge doesn't allow unbalanced transactions (transactions whose debit and credit amounts aren't equal) to be recorded, but this account allows you to continue to use FirstEdge if your beginning balances aren't balanced. If you balance the accounts later, the amount in the Historical Balancing account will return to zero.

Note: What is the Historical Balancing account?