Edit the Chart of Accounts and enter opening balances as follows.
Add the following information to the Chart of Accounts with the opening balances as of 01/01/2024.
Account Checking
Account No. 10100
Opening Balance $0.00
Account Industrial Refrigerator
Account No. 14400
Opening Balance $0.00
Account Type Fixed Asset
Account Description Industrial Refrigerator
Tax Line B/S-Assets: Buildings/oth. depr. Assets
Account Industrial Refrigerator Cost
Account No. 14500
Opening Balance $5,000
Account Type Fixed Asset
Subaccount of Industrial Refrigerator
Account Description Industrial Refrigerator Cost
Tax Line B/S-Assets: Buildings/oth. depr. Assets
Account Industrial Refrigerator Acc Dep
Account No. 14600
Opening Balance $0.00
Account Type Fixed Asset
Subaccount of Industrial Refrigerator
Account Description Industrial Refrigerator Accumulated
Depreciation
Tax Line B/S-Assets: Buildings/oth. depr Assets
From the Report Center, export to Excel the Chart of Accounts (Account Listing) report as of January 1, 2024
Export to Excel or print a Trial Balance report dated 01/01/2024. Verify your Trial Balance account balances are correct.
Transfer the Opening Balance Equity account balance to the Capital Stock account using a journal entry. Use Entry No.: Open ADJ1. Select Save. Export the opening balance adjusting entry to Excel by selecting the Reports tab > Transaction Journal.
Export to Excel or print the Adjusted Trial Balance (after opening adjustments) to verify that the Opening Balance Equity account balance was transferred to the Capital Stock account