Accounts

The Accounts section of the Easy Setup Assistant will help you set up your accounts list and enter your opening balances.

Accounts List

The Accounts section of the Easy Setup Assistant will help you create or modify your accounts list.

When you created your company file using the New Company File Assistant you selected how you wanted to set up your accounts list in AccountEdge.

• If you chose to start with an accounts list provided by AccountEdge, you can now review and modify the accounts list that was created.
• If you chose to add or import your own accounts list, you can do this now by selecting New or Import.

For tips and more information on Importing into AccountEdge, click here.

Opening Balances   

Unless you have just started a brand new business, some of your accounts probably have existing balances. You’ve made sales, created receivables, incurred bills, perhaps bought inventory and conducted a variety of other business activities that would affect your account balances.

The balances you enter should be as of the date selected as your conversion month. You can find this information on a trial balance report, a balance sheet or a profit & loss report prepared for the period immediately prior to your conversion date in your previous system.

If you imported your accounts list into AccountEdge, you may have included your opening balances in your import. Take this time to review the information and make sure everything is correct.

Tip: If you start using AccountEdge on the first day of your fiscal period (January 1st, for example) you would only enter the balances of your balance sheet accounts.  

Note: We recommend speaking to your accounting professional and getting the latest set of financial statements, including a trial balance and the supporting detail for your open accounts receivable, accounts payable, inventory balances and mid-year payroll details. This will help you modify your chart of accounts and enter your opening balances accurately. Don’t have an accounting professional? View our list of AccountEdge Experts.