Enter Beginning Balances in General Ledger
If you want the beginning balance to display on reports as a true beginning balance transaction, you must enter and post beginning balances for the previous posting month and year.
For example, if your first month posting in ACS is May 2021, enter the beginning balances with the posting period of April 2021. If you use a calendar year and post beginning balances to January instead of December, they do not display on reports.
If the account is an Asset or Expense account, enter the beginning balance as a Debit amount. If the account is a Liability, Income, or Restricted account, enter the beginning balance as a Credit amount. Do not enter the beginning balance for the fund principal account until you have entered all other account beginning balances for the fund.
Enter the fund principal beginning balance based on the balance of the transaction displayed at the bottom of the window. Since the fund principal is a liability account type, enter the balance as follows:
- If the balance displays as a negative amount, enter a debit for the fund principal.
- If the balance displays as a positive amount, enter a credit for the fund principal.
- Under Manage Records, select the Transactions tab.
- In the drop-down list, select General Ledger Transactions and click Go
.
- Click Add/Edit Transactions, then click Beginning Bal.
- Enter the information in the appropriate fields, then click OK.