When you set opening balances in FINSYNC, assets may not equal liabilities plus equity. Until you balance your opening balance entries, FINSYNC uses a system-generated General Ledger account called "Opening Balances Adj" that displays the difference that needs to be corrected.
Balancing your opening balance is easy. Follow these steps:
1) Click "Reports" in the top nav and then "Balance Sheet" in the left nav.
2) Scroll down to the "Shareholder's Equity" section and look for a row titled "Opening Balance Adj."
3) If you do not see this row, your opening balances are in balance. If you do see it, the amount shown in the right column is the difference you need to account for in your opening balances.
You May Also Be Interested In:
- Reports: How to Run Comparative Reports
- Chart of Accounts: How to Edit
- Starting Bank Balance: How To Adjust It
- Cash & Accrual: How to Set Reporting
For more articles related to Reports, Attributes, Opening Balance and Chart of Accounts (Click Here)
For more articles related to Bank Accounts, Bank Transactions, Balances and more (Click Here)
For the complete list of articles, return to the FINSYNC How-To Guide: (Click Here)