Setting up GL Beginning Balance
Setting up GL Beginning Balance
GL beginning balances must be entered based off of the prior management company’s financials (balance sheet and income statement).
NOTE: Manual journal entries should not be made against the following accounts:
Bank Account GLs
Accounts Receivable
Accounts Payable
Prepaid
To enter GL beginning balances:
Select Accounting > Journal Entry. If you are using universal navigation, click Accounting > General Ledger > Add A New Entry.
Search for and select the applicable association.
Complete the following fields:
Transaction Date: Enter the date of the transaction for the beginning balance. The date input supports quick date entry. For example, entering 1025 will format the date to 10/25/2020. Entering 011518 would format to the date to 01/15/2018.
Reverse On: Enter the day on which the transaction is to be reversed:
Don’t reverse
1st day of month following transaction date
Specific date
Entry Description: Enter a description for the entry. This field shows character counters.
Attachments: Journal entries support attachments. Drag and drop or browse to one or more attachments.
Starting with the Balance Sheet, complete the fields in the Line Items section:
GL Account: Search for and select the applicable number.
Item Description: Displays the default description from the selected GL Account field but can be overridden.
Debit or Credit: Enter the amount in the appropriate column. The income statement account balances must be added to the same entry.
Click Save to save the entry and add additional line items.
The entry description will be listed in the Saved Entries dropdown field after the first line entry is saved. To post the entry according to a recurring schedule:
Change the Transaction Date.
Select the appropriate Saved Entries from the dropdown field.
Make any necessary changes to the Debit or Credit amounts, etc. Debits and credits must be in balance prior to posting the entry. CINC does not allow posting an out-of-balance entry.
Click Post.
Once all GL balances have been entered and the subtotals match, click Post to submit the journal entry. Entries may then be viewed under Accounting > GL History. If you are using universal navigation, click Accounting > General Ledger > History.