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Set
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1. Set up account codes for the following:
a. Sales and income codes for the income statement
b. Expense codes for the income statement
c. Asset codes for the balance sheet
d. Liability codes for the balance sheet
e. Customer codes for individual customers
f. Supplier codes for individual suppliers
2. If you have financial statements from a previous year, post the closing balances that appear on the balance sheet page in a journal batch in your software to form the opening balances for the current year, or agree your balance sheet opening balances in your software to the finalised financial statements of the prior year.
3. If the opening balances do not agree, the difference will be a debit in one place and a credit in another. The debit and credit will be equal. If there are many differences, list all the debits and credits on a spreadsheet until they add up to zero. Post the individual amounts in the journal batch and it should balance. Print a new trial balance to ensure that the new balances agree to the closing financial statements for the prior year.