Beginning trial balance, bank account, and vendor balances

Beginning trial balance

Overview

A trial balance is a listing of the balances for each account in your financial reports.

Follow a work plan

  1. From your current system or from your CPA, obtain a trial balance as of your beginning balance date (for both a cash and an accrual accounting basis).
  2. Enter the beginning balances for your company’s chart of accounts ( > Setup > Company > Beginning Balances > Trial Balance). You can enter both cash and accrual.
  3. Verify your information by clicking (Reports) and selecting Beginning Balance Trial Balance.

Beginning bank account balances

Overview

When entering your beginning bank account balances, you enter the balance as of the last reconciliation, and all uncleared bank entries through the beginning balance date. Ajera automatically creates the first bank statement using the statement date and ending balance you enter.

Follow a work plan

  1. Get your last reconciled bank statement prior to your beginning balance date.
  2. Enter the ending balance of your last bank statement ( > Setup > Company > Beginning Balances > Bank Account) .

Note:

This amount is used to determine the current balance that appears on your bank register. If the bank account does not yet have a beginning balance, enter zero here.
  1. Enter all outstanding items since your last bank statement through your beginning balance date.
  2. Verify your information by clicking (Reports) and selecting Beginning Balance Bank Account.

Beginning vendor 1099 paid balances

Overview

If you are required to send 1099s to any of your vendors, you need to enter the amount you have paid year-to-date in Ajera.

Follow a work plan

  1. Get a list with the amount you have paid, from the beginning of the year through your beginning balance date, to each vendor that requires 1099s.

Note:

Do not include amounts that you entered as uncleared items when entering beginning bank account balances.
  1. Enter year-to-date paid amounts for each 1099 vendor ( > Setup > Company > Beginning Balances > 1099 Paid).
  2. Verify your information by clicking (Reports) and selecting Beginning Balance Vendor 1099.

Beginning open vendor invoice balances

Overview

If you enter an amount for your Accounts Payable account in your trial balance, you need to enter the vendor invoices that make up that amount.

Follow a work plan

  1. Get the vendor invoices that make up the balance you entered for Accounts Payable on your trial balance.
  2. Enter all open vendor invoices through your beginning balance date ( > Setup > Company > Beginning Balances > Open Vendor Invoices).
  3. Verify your information by clicking (Reports) and selecting Beginning Balance Open Vendor Invoices.