How to Enter Starting Balances with Journal Entries in Balabook:

For Asset Accounts (e.g., Equipment, Inventory, Prepaid Expenses):

1. From the left-side menu, go to Accountant > Journal Entries.
2. Click 'New Entry'.
3. In the Description field, type: "Starting balance".
4. Choose the starting balance date (typically the start of the fiscal year).
5. On the first line: Debit the asset account (e.g., Inventory) with the starting balance amount.
6. On the second line: Credit the equity account (e.g., Owner’s Equity) with the same amount.
7. Click 'Save' to finalize the entry.

For Liability Accounts (e.g., Loans, Accounts Payable):

1. From the left-side menu, go to Accountant > Journal Entries.
2. Click 'New Entry'.
3. In the Description field, type: "Starting balance".
4. Choose the starting balance date (typically the start of the fiscal year).
5. On the first line: Credit the liability account (e.g., Loan Payable) with the starting amount.
6. On the second line: Debit the equity account (e.g., Owner’s Equity) with the same amount.
7. Click 'Save' to finalize the entry.