Quick Start: Verify opening balances

After you have finished setting up your company, confirm that your opening balances are correct. To do this, open the chart of accounts and compare the balances for each account against the information you have in your accounting books or other account information source.

Open the chart of accounts

  • On the Company menu, point to Company Lists, and then click Chart of Accounts.

In the Chart of Accounts, you can see at a glance all the accounts for your company and their balances.

Chart of Accounts

Edit the chart of accounts

To edit information for an account, do the following:

  • Right-click the account to be edited, and then click Open Selected Items.

Although you can edit some information for your accounts, Microsoft Office Accounting does not allow you to manually edit the balance information. If you see that an opening balance does not match the account information that you are comparing it with, you must reconcile the difference by making a journal entry that changes the balance to the correct value. For information about how to correct a balance by making a journal entry, see Correct the opening balance for an account.

For additional information

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