[moneydance] balancing an account - the basics

[Anthony]

If you are transferring from another program or even starting from  
scratch, the opening balance, being whatever you have in the relevant  
account, is set in the Edit screen for an account (select the account  
and then go to Account -> Edit).

Ideally, you would have this balance at hand as you set up each  
account and enter it as you create the account in MD. Then when you  
do a reconciliation, this balance will show as the first opening  
balance.

A


On 2007 Mar 27, at 01:56, Phil Kane wrote:

> On Mon, 26 Mar 2007 11:12:37 -0500, Fuzzy Fox wrote:
>
>>> 2) Where does the very first opening balance come from?
>
>> It is the sum of all your "cleared" (checkmarked) transactions.
>> Therefore it is the result of all your previous balancing.
>
>   I think that Rob meant "what to do with the zero opening
>   balance on the very first reconciliation".
>
>   I started MD after using QB Pro for several years, so I made
>   sure that I knew my exact account status at the time I started.
>   The very first entry in each MD account was the existing
>   balance in the corresponding QB account, recorded as a Deposit,
>   or recorded as a Payment id the account status is negative.
>
>   When you do your first reconciliation, it will show up in the
>   appropriate column. and you go from there.
>
> --
>    Phil Kane
>
>    From a Clearing in the Silicon Forest
>    Beaverton (Washington County)  Oregon
>
>
>
>
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