Beginning Period Balance Sheet
The beginning period balance sheet is a balance sheet that shows the initial balance of all accounts present in the balance sheet at the start of a certain accounting period. The beginning period balance sheet contains information about the balance of each account at the end of the previous period, which is then used as a basis for recording new transactions in the following period.
In practice, the beginning period balance sheet is usually prepared at the start of the accounting period as part of the financial reporting preparation process. The beginning period balance sheet is crucial for determining the initial balance of each account in the
next period and for understanding changes in account values during that accounting period.
Setup
To view the beginning period balance sheet, select the menu Miscellaneous / Setup Menu / CoA Beginning Balance. See in figure 8.5
