Entering your company's opening balances is a task that you should do carefully to ensure that there are no errors that can be troublesome down the road.
Before you start, make sure that you have accurate information from your previous accounting method, whether you used another accounting program or recorded your accounts manually in a ledger. Also, make sure that the account information that you are adding to Microsoft Office Accounting balances. If the information you add is out of balance, the opening balances in Office Accounting will also be off.
You can enter opening balances for your accounts in two ways: Use the Import Data Wizard to import the accounts from Microsoft Office Excel workbooks, or add accounts manually in the program by using the new account feature.
Import accounts from Office Excel workbooks
The Excel workbooks that are installed with Office Accounting provide an easy way to create your accounts in an Excel file that you can double check before you import the account information and balances. For information about importing account data this way, see Quick Start: Import accounts.
Add accounts manually
If you add accounts manually, you will add each account separately. This may take more time than importing them, but it also gives you the opportunity to verify that all the data for the account is correct, such as the account type and cash flow category, in addition to entering the correct opening balance. For information about adding accounts manually, see Quick Start: Add accounts.
Change opening balances
After you enter an opening balance for an account, whether by importing it or adding it manually, you cannot simply change it if you later discover that it is incorrect. Instead, you must make a journal entry that corrects the opening balance for the account. For information about how to do this, see Correct the opening balance for an account.