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General Accounting Discussions: Cash to Accrual accounting

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  1.  
    • CommentAuthorcrystal1
    • CommentTimeMar 12th 2008
     
    Switching accounting from cash to accrual: How do I enter my beginning balances for the current asset accounts (Bank accounts, petty cash, etc)? Our new software does not have the "enter beginning balance" option. Not sure what account to offset the entry. Please help!
    Thanks!
  2.  
    Create a new account called "Initial Balance Account" and post the account balances using this account as follows:

    Dr. Bank Account
    Cr. Initial Balance Account

    Dr. Initial Balance Account
    Cr. Accounts payable

    etc....

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