What's the general procedure for entering opening balances?
Enter the balances in the appropriate assets, liabilities , etc., accounts and enter a balancing figure in the Retained Earnings Account?
Hi Paul,
Yes, that's correct. Don't forget to also record the initial money invested in the business by the owner: For a limited company this is the "Share Capital" account, for a self-employed person this is "Owner's Capital"
Cheers,