Enter Opening Balances feature can be used to enter opening balances before you start using the software. If you are converting from another accounting application to Unity® Accounting, you probably have balances such as loans, capital accounts, and bank balances to enter.
To enter these balances, obtain your Trial Balance report from your previous accounting records. Print it as of your conversion date so that the closing balance of your prior accounting records exactly matches the opening balance of your new accounting records. If you are unsure how to enter these balances consult your accountant.
Most people find it easiest to enter their general ledger opening balances after entering clients and matters opening balances, because it does some of the general ledger work for you. If you haven’t already entered or imported your client/matter balances read the topic “Entering client/matter opening balances”. When you enter client/matter opening balances, the general ledger accounts (control accounts) listed below are automatically updated. When entering your general ledger balances by referring to your trial balance, do not re-enter amounts for these accounts.
- Trust banks
- Client Funds in Trust Liability
- Work in Progress Fees
- Work in Progress Disbursements or Client Expenses
- Time Equity
- Accounts Receivable Fees
- Accounts Receivable Disbursements
- Billed Fees Revenue
- Billed Disbursements Revenue
- GST/HST (Federal Tax) accounts
- PST (State Tax) accounts