{"id":1394,"date":"2023-04-14T15:52:40","date_gmt":"2023-04-14T12:52:40","guid":{"rendered":"https:\/\/akaunting.com\/hc\/docs\/double-entry-accounting\/how-to-enter-the-opening-starting-balance\/"},"modified":"2023-04-24T11:07:00","modified_gmt":"2023-04-24T08:07:00","slug":"opening-balance","status":"publish","type":"docs","link":"https:\/\/akaunting.com\/hc\/docs\/double-entry-accounting\/opening-balance\/","title":{"rendered":"How to Enter Opening Balance"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">An opening balance is the amount of funds in an account at the beginning of a new fiscal period.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Enter Opening Balance:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Go to <strong>Double-Entry<\/strong> on the Navigation menu.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-video\"><video height=\"1080\" style=\"aspect-ratio: 1920 \/ 1080;\" width=\"1920\" controls src=\"https:\/\/assets.akaunting.com\/hc\/2023\/04\/14155823\/new-manual-journal-2.mp4\"><\/video><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Select <strong>Manual Journals<\/strong> from the expanded menu options.<\/li>\n\n\n\n<li>On the Manual Journals page, click <strong>New Manual Journal<\/strong>.<\/li>\n\n\n\n<li>Enter the <strong>Date<\/strong>, <strong>Currency <\/strong>and write a <strong>Description<\/strong>.<\/li>\n\n\n\n<li>Use <strong>Add a Line<\/strong> to add a transaction to the Manual Journal.<\/li>\n\n\n\n<li>Select the account type as <strong>Cash<\/strong>, and record the amount in <strong>Debit<\/strong>.<\/li>\n\n\n\n<li>Add another transaction with the Account type as <strong>Owner Contribution\/Equity. <\/strong>Record the same amount as <strong>Credit<\/strong>.<\/li>\n\n\n\n<li>Then, <strong>Save<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Note<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If the opening balance account (first) is an&nbsp;<strong>Asset<\/strong>&nbsp;(i.e., accounts receivable, bank, credit card), enter the amount as a&nbsp;<strong>Debit<\/strong>.<\/li>\n\n\n\n<li>If the opening balance account (first) is a&nbsp;<strong>Liability<\/strong>&nbsp;(i.e., accounts payable), enter the amount as a&nbsp;<strong>Credit<\/strong>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>An opening balance is the amount of funds in an account at the beginning of a new fiscal period. Enter Opening Balance: Note:<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":1345,"menu_order":10,"comment_status":"open","ping_status":"closed","template":"","doc_tag":[],"class_list":["post-1394","docs","type-docs","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs\/1394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs"}],"about":[{"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/types\/docs"}],"author":[{"embeddable":true,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/comments?post=1394"}],"version-history":[{"count":2,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs\/1394\/revisions"}],"predecessor-version":[{"id":1398,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs\/1394\/revisions\/1398"}],"up":[{"embeddable":true,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/docs\/1345"}],"wp:attachment":[{"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/media?parent=1394"}],"wp:term":[{"taxonomy":"doc_tag","embeddable":true,"href":"https:\/\/akaunting.com\/hc\/wp-json\/wp\/v2\/doc_tag?post=1394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}