To enter account balances, follow the steps below:
Verify that the chart of accounts matches your previous accounting system and make any changes necessary to fit your company before entering beginning balances.
Access the Journal Entries transaction from the Financial\General Ledger menu and start a New Journal Entry.
Enter a Journal Entry to record account beginning balances. Use a Trial Balance report from your old system to obtain the account beginning balances. You should check on the Opening Balance field to record the entries as account beginning balances and mark the transactions as cleared so they will not appear in the Reconciliation application.
If you enter documents for your customer and vendor open balances, you will need to adjust the opening account balances for the Accounts Receivable, Accounts Payable, income and expense accounts in the Chart of Accounts since these account balances will be updated with the customer and vendor documents.
Print a Trial Balance report to make sure that balances that you entered match your previous accounting system