Entering account opening balances

…Now that Carol's business has set up the accounts list, she will…need to enter the opening balances from the start of the conversion month.…Please be aware that if she had…begun entering data into an AccountRight Live from…the first day of her business, all her…opening account balances would be set to zero.…As this was not the case, she will need…to add the following opening balances from the conversation date.…Any balances for all of the accounts in the…accounts list, all outstanding sales…transactions, all outstanding purchase transactions.…

To explain in more detail, Carol has been operating before the conversion month.…Many of the accounts already have dollar values.…For example, a balance of $7,560 is in the NAB check account.…There is also $3,340 that customers owe for goods and services.…These amounts need to be allocated to the trade debtors.…They also need to be allocated to the customers.…The balance sheet for a data file…must balance when completing the opening balance entries.…

That is, the equity needs to equal the assets minus the liabilities.…