STEP 2:
Enter the beginning account balances.
Click the “+” (Create) button at the upper right-hand corner of the screen. Choose “Journal Entry” under the “Other” column. Enter Journal Entry #1 with the date of 1/1/2017. The journal entry appears below.
Under “Description,” type “Beginning Balance.” For Accounts Receivable and Accounts Payable, you will need to fill in the “Name” column. For Accounts Receivable, click “Add New” from the drop-down menu in the “Name” column. Enter “A Customer” as the name and choose “Customer” as the type. Click “Save.” For Accounts Payable, click “Add New” from the drop-down menu in the “Name” column. Enter “A Vendor” as the name and choose “Vendor” as the type. Click “Save.”