Are you a small & medium sized enterprise (SME) looking for tips on how to get your accounting records set-up? Here are the list of account balances you should have for easy migration/start-up with your Accounting Software:
- Customer or Jobs List
- List of Vendors (if any)
- Fixed Assets List & Current Value
- List of Bank Account Balances & Petty Cash Balances at Hand
- Inventory Names, Cost of Purchases, Sales Price & Quantity
- Account Receivables – List of Debtors & Balances
- Account Payables – List of Creditors & Balances
- Any Outstanding Expenses Payable to Vendors
- Tax Agencies & VAT Payable Balances
- Loan or Facilities Balances (if any)
- Owners’ Earnings or Additional Capital (if available)
- Names of Income & Expense Channels.