How and when to use ....

gargameow lipchg at
Fri Oct 21 15:29:43 EDT 2016

Hi Aaron,

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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