Reconciling and verifying beginning balances

Reconcile beginning balances

Overview

You are now ready to reconcile and verify your beginning balances.

Follow a work plan

To reconcile beginning balances, follow these steps:

1. Reconcile the trial balance.
2. Reconcile bank accounts.
3. Reconcile vendors 1099 paid.
4. Reconcile open vendor invoices.
5. Reconcile unpaid client invoices and prepayments.
6. Reconcile unbilled WIP.

Learn the details

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Reconciling the beginning trial balance

Reconciling beginning bank account balances

Reconciling beginning balances for vendors 1099 paid

Reconciling beginning balances for open vendor invoices

Reconciling beginning balances for unpaid client invoices and prepayments

Reconciling beginning balances for unbilled WIP

Verify control account balances

Overview

Control accounts are cash, receivables, WIP, payable, and client prepayment accounts. You already entered these totals in your trial balance and the detail in the other beginning balances tasks. You must verify that the total of the detail you entered is the same as the amount you entered in your trial balance.

Follow a work plan

1. Click Company > Beginning Balances > Trial Balance.
2. Verify your information by clicking (Reports) and selecting Beginning Balance Control Account Verification.
3. The Difference column on the report should be all zeros.

Learn the details

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Verifying control account balances

Finalize beginning balances

Before performing this step, make sure that you have verified your balances and have printed financial reports for your CPA or accountant to review.

Overview

After you finalize your beginning balances, Ajera removes the Beginning Balances option from your Company menu.

Follow a work plan

1. On the Company > Preferences >General tab, select the Beginning Balances Complete check box.
2. Click the Save button.

Learn the details

This link goes to help. To return to this course, click the Back button.

Finalizing beginning balances

Test your knowledge

Quiz: Beginning balances

Next

Lesson 2: Tasks and processes