Three Scenarios > 1) All New Accounts, t=0 for all
Three Scenarios > 1) All New Accounts, t=0 for all
Embedded Files
If you are starting a file with all new accounts that have not existed prior. This is easy. The date you start each is referred to as t0 and/or t=0 for each account.
Statements Worksheet
Statements Worksheet
The Value inside the red circle should be ZERO for each active data block.
Asset/Liability Journals Worksheets
Asset/Liability Journals Worksheets
For each active Asset and Liability Journal, enter an opening balance of ZERO with the Opening Balance Account/Category Selected.
======== Opening Balance Record Details ========
These are the same for all three scenarios. the only difference is the Amount. Scenario 1 (this one) and 2 are ZERO and Scenario 3 has a non-zero value.
Date >> The Date for the entry should be the same as the First Transaction date and/or the First Statement Start Date, which ever you prefer.
The date can NOT be prior to the First Statement Start Date. The system with throw an error on the Statements Worksheet. This error is to prevent accidentally entering future transactions with an errant date prior to the opening of the statement. This is a subtle but important mechanism for data integrity protections.
Payor/Payee/Description >> Enter anything you'd like. "Opening Balance" is common.
Amount >> $0.00
Acct2 >> "99_opening_balance" OR "Opening Balance" OR the comparable Opening Balance Account listed in the bottom of your chart of your Chart of Accounts that is a ZAPSpecial Account designated for Opening Balances.
This value MUST be selected from the drop down. If you do not see a proper value look in your Chart of Accounts to be sure it's there and then look for it in the Drop Down again. If you can't find it, seek professional support. Do NOT make-up the account in the drop down box. That will leave a red flag in the corner of the drop down box and that is not good.
TxnID >> 0
This is very important you set this to ZERO to provide a proper sort functionality in the future.
A Balance Sheet Cross Check that won't provide much insight other than a non-relevant bug...
A Balance Sheet Cross Check that won't provide much insight other than a non-relevant bug...
If you were to view the Balance Sheet with a Start Date and an End Date equal to the earliest date you have in your Bookkeeping records you would see the following...
In the image on the right, certainly, there looks like there's nothing to see here. Everything is ZERO.
But look at the image below now.
If we look at the drill down report for this date, two records are feeding in ZERO's to this report.
And in fact, as of 3/2/2021 there is a minor system "bug" related to zero handling that would cause confusion but no harm in the accounting cross check process.
When the signed values are ZERO the system doesn't have anything to determine debits and credits, properly so it's putting both values into the Credit Column. That is a bug that may or may not be fixed.
ZERO handling related to digital debits and credits creates exceptions that takes a surprising amount of programming code to get correct. That is a lot of programming for little benefit, as long as it's documented.
It might cause a little confusion but no harm.
A better patch might be to create a sub-report for txn count mismatches and or zero records...
When all the values are zero, as they are here, this doesn't provide any clear education or understanding related to the "99_Opening_Balance" Account, nor the ZAP Special Account type associated with it, nor the concept of money fabrication from thin air.
If you want more of an education on this other information, see Scenario 3 on this website.
Without interest in other education you are ready to be on your way. Below is a bit of insight you'll want to have before you go...
For your checking account, a portion or all of your first deposit will be allocated as "Paid in Equity".
You are depositing money you already had so no money is being fabricated out of thin air. We know it came from you and that's all that matters. It was fabricated somewhere, but that happened before you got it.
For your credit card, presumably your first live transaction will be a purchase and that will get allocated as an expense somehow...
You're Done Here! Head out to the BK User Guide.
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