Opening balance
What a bank account held on the day you started tracking it in Solo Superstars, or on the first day of a statement.
In Solo Superstars
Set it under Accounting › Opening balances for each account. The app posts it against Opening Balance Equity so the books balance from day one. Statements each have their own opening balance used by the import verifier.
Example
Checking held $8,400 when you started: debit 1010 8,400, credit 3400 Opening Balance Equity 8,400.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- starting balance
- beginning balance
Related
- Opening balance equity — The account that absorbs the other side of opening balances so the first day still balances. Should net to zero once setup is done.
- 3400 Opening Balance Equity — The account that absorbs the other side of opening balances so your first day still balances. Should net to zero once setup is done.
- Running balance — The account balance after each transaction, in order. If a statement’s running balance skips, a line is missing.
- Bank reconciliation — Checking off your recorded transactions against a bank statement until the difference is zero, then locking that statement.