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To start work with Free Accounting transfer the balances from the old system. It can be done through 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:
- Select Company / Actions / Record Opening Balance from the Main Menu.
- Select either Accounts Receivable to enter Customer balances or Accounts Payable to enter Vendor balances from the drop-down list.
- Select a Customer/Vendor from the main grid.
- Enter the Credit and Debit amounts in the Credit and Debit columns correspondingly.
- Select an Equity account from which money will be taken.
- Press the Ok button.
If you want to transfer the ending balance from your previous accounting system to Free Accounting, you need to create a new account in a Chart of Accounts window. Then go to Journal Entry window and to create a Journal Entry operation to transfer money from Equity/Net worth account to the account you just created in Chart of Accounts window.
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