Settings > Start Date

If you are transferring the accounting system for an existing business to MYBOS, you will need to enter starting balances for all your accounts. The first step is to decide on the date you want to migrate to MYBOS because starting balances will need to be entered as of that date. The recommended date for starting balances would be the start of a financial year, quarter or even a month but any date is valid.

1.	To set the starting balance date, go to Settings tab

2.	Click Start Date

3.	Enter your start date as of which you want to set starting balances for all your accounts.

4.	Click Update button.

MYBOS will now create starting balance transactions as of that date for all your accounts. By default, all accounts will have starting balances set to zero so the next step is to enter the correct starting balances for all accounts.

1.	To start entering starting balances for individual accounts, go to Reports tab.

2.	Click Starting Balances.

You will see the report which shows starting balances for all asset, liability and equity accounts. The starting balances are all zero because the amounts haven't been entered.

Click on each zero balance that requires an actual starting balance to be entered and edit the starting balance.

Some accounts are "control accounts" and contain sub-accounts. In this case, you will need to enter starting balances for the sub-accounts instead of the control account. For example, if you maintain inventory, you won't be able to enter an starting balance for the control account Inventory on hand. Starting balances will need to be entered for each inventory item.