📄️ Filling the Initial Balance
Completing the initial balance in accounting is one of the important stages in preparing a company's financial statements. Among the steps that need to be taken to complete the initial balance are as follows:
📄️ Customer Receivables Balance (Customer)
Customer receivables balance or Outstanding invoice is an invoice or bill that has not been paid by the customer at the due date. This means that the customer still has an obligation to pay the amount listed on the invoice. If an invoice is still unpaid after passing the due date, then the invoice is considered an outstanding invoice or an unsettled invoice.
📄️ Supplier Payable Balance
Just like the Customer Receivables Balance, you are required to complete all unpaid invoices per invoice number for all outstanding or unpaid Supplier Payables. This is prepared per the initial period of program use.
📄️ Registering Fixed Assets in Detail
Fixed assets are assets owned by the company for use in its operational activities and are expected to provide economic benefits to the company over more than one accounting period. Fixed assets generally have significant value and are typically used to produce products or services that the company will sell or used to support the company's operations.
📄️ Beginning Account Balance
After completing the detailed beginning balances for receivables, payables, inventory, and fixed assets, the next step is to complete the beginning balance outside of those positions in the beginning balance menu.
📄️ 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.