How and when to use ....
lipchg at gmail.com
Fri Oct 21 15:29:43 EDT 2016
Thank you for your reply.
I understand what you mean now.
Just to summarize, by Opening Balances, meaning is a kickoff to key in my
existing financial status into the software. So if I owe money to someone or
institution, I have to debit my Opening Balances and transfer it to
Liabilities accounts. If I have money in bank or cash, I will credit my
Opening Balances to Assets accounts.
Think I got it right now.
Thank you again.
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