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Entering a beginning trial balance for cash basis

To correctly reflect your cash financial position, you need to enter a beginning Trial Balance for a cash accounting basis.

If the Company > Beginning Balances > Trial Balance option is not available, make it available by clicking Company > Preferences and clearing the Beginning Balances Complete check box.

Note:

If you don’t have a cash trial balance, work with your CPA or consultant to create one from your accrual trial balance.

From the Company menu, click Beginning Balances > Trial Balance.
Multi-company only. Select a company.

For the accounting basis, select Cash.
Enter amounts for all your accounts, as indicated from your CPA’s cash basis Trial Balance.
Ensure that all the information you entered is in balance.

Note:

As you enter your balances, the credit or debit amount that currently causes your balances to be out of balance appears at the bottom of the table. In Balance appears when the credits and debits are equal.

Click Save.

If your entries are not in balance, a message appears asking if you want to save your changes. If you click Yes, you can finish entering your balances later.

If you cleared the Beginning Balances Complete check box earlier, select it now.