Adding balances to accounts.

Request for general support related to Logic Invoice.
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Aliceh
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Joined: Sun May 14, 2017 4:34 pm

Adding balances to accounts.

Post by Aliceh » Sun May 14, 2017 7:22 pm

I have just installed logic invoice but I can't work out how to add my starting balances to my accounts, how to view my chart of accounts and how to add expenses. I gather it is by using the journal entry but I am a bit confused by that, I have used quickbooks and MYOB in the past but they did not require a balance journal entry so I don't know what I am doing.

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Esmond
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Re: Adding balances to accounts.

Post by Esmond » Mon May 15, 2017 10:12 pm

To start off your account with funds, you need to add a journal entry.

In accounting, debit must be equal to credit. For example, if you sell something, you will debit cash (to add to the cash account) and credit revenue (to add to the revenue).

Aliceh
Posts: 3
Joined: Sun May 14, 2017 4:34 pm

Re: Adding balances to accounts.

Post by Aliceh » Sat Dec 09, 2017 4:24 pm

I sort of understand that but can you give me an example of how I get started. So I have my bank account that has some money in it. How to I enter that in the journal. The bank account is set up in assets called "Bendigo bank" so if I add the balance in there as a credit where do I debit it from? It hasn't really come from anywhere it is already there.

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