Correcting Opening Balances

Mike or Penny Novack stepbystepfarm at dialup4less.com
Sun Jan 14 08:33:15 EST 2018


On 1/13/2018 5:17 PM, David Carlson wrote:
> Did you check the transactions as you imported them to weed out duplicates
> and correct errors?
>
> If not, I would suggest starting over to get at least reasonably close to a
> good starting point.
Also, this is a case where the solution to the problem more obvious if 
you understand what "opening balance" is doing, how you would be doing 
that if setting up your books manually (hand creating the opening 
TRANSACTIONs), and the proper/formal method of correcting "errors" and 
omissions << entering a correcting transaction instead of editing an 
existing one>>

If you are going to import from another system, run a Balance Sheet (of 
that other system) as of the date you will be using for the import. That 
will show you what the opening values SHOULD be.

Michael D Novack


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