In this article, you will learn how to input your bank's beginning balance into the Bank section of GoFreight.
Before you begin to input the Bank Beginning Balance, please make sure that you have already set up your Bank List. (Please refer to this tutorial video: Lesson 7.10.3 - Bank List)
The authorized users to access the “Bank List” are the General Manager and Admin role users. Users in other roles can request this functionality with approval from an Admin or General Manager, after which a GoFreight support agent can grant access.
Navigate to: Accounting > Journal > Journal Entry
- Select the G/L code (General Ledger Code) for the Bank.
Note: If you notice that the G/L Code for the bank you wish to record the opening balance for is not on the list, please kindly request an Admin or General Manager user to set it up for you. - Choose the Type as Bank.
- Select the Transaction Entity as the bank you wish to record. In this example, Bank USD is selected.
- Input the beginning balance in the Debit field.
- Click the green + button to add new lines.
- For the second line and subsequent lines, complete the following:
- Add the Source G/L codes. In this example, we selected “RETAINED EARNING”, “NET INCOME” and “CAPITAL”.
Note: If you're unsure how to properly record journal entries, we recommend consulting your accountant or an accounting professional for the most accurate advice.- Select the type COMPANY.
- Input the amount in the CREDIT field.
RETAINED EARNING: Enter the accumulated net income from previous years in the prior system.
NET INCOME: Enter the net income for the current fiscal year if the system migration occurs mid-year.
CAPITAL: Enter the initial capital from the previous system.
Note: For LOAN or CAPITAL from a specific company, select the corresponding trade partner under TRANSACTION ENTITY. - Select the date prior to your first transaction in the system.
- Enter a remark if needed.
- Click Save.
For a visual guide on this feature, please refer to the following video: