If you want to start working with Free Accounting you should transfer the balances from the old system. It can be done through the Free Accounting Record Opening Balance, however it
does not record the corresponding invoice numbers that accrued to the balance. To record the invoice information with the balances, a
journal entry is to be made instead.
Use the following steps to Record Opening Balance in the Free Accounting application:
- Select Vendors / Record Opening Balance
 from the Free Accounting Main Menu.
- Select Accounts Payable to enter Vendor balances from the drop-down list.
- Select a Vendor from the main grid.
- Enter the Credit and Debit amounts in the Credit and Debit columns correspondingly.
- Select an Equity account that will correspond with the Accounts Payable.
- Press the Apply button.
Once the Opening Balance is recorded for the Vendor, the Vendor disappears from the list of the Opening Balance window.
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