How to Balance Your Opening Balances

When you set opening balances in FINSYNC, assets may not equal liabilities plus equity. Until you balance your opening balance entries, FINSYNC uses a system-generated General Ledger account called Opening Balances Adj that displays the difference that needs to be corrected.

To balance your opening balance, follow the steps outlined below:

1. Mouse over the Reports tab in the top menu and then select Balance Sheet. 

 

2. Scroll down to the Shareholder's Equity section and look for a row titled Opening Balance Adj.

Note: If you do not see this row, your opening balances are in balance and no action is needed. 

The amount shown in the right column is the difference you need to account for in your opening balances.