When using Banana Accounting for the first time, the opening balances need to be inserted manually in order to create the opening balance sheet.
After having set up the Chart of Accounts, proceed as follows:
- Place yourself in the Accounts table, Base view, Opening column.
- Manually enter the opening balances of the Assets and Liabilities accounts. The Liabilities are entered preceded by the minus (-) sign.
- Check if the total Assets equals the total Liabilities so that your accounting balances. If there are differences in the opening balances you need to check and correct them.
In order to automatically transfer the opening balances for the next year, consult the lesson Create New Year