Beginning Balances

You may have beginning balances you would like to transfer from another application.

  • There are many variables that affect how you should move the balances to Studio Designer.
  • A journal entry will normally be used to transfer beginning balances and all balances would be entered as part of the same journal entry.
  • For detailed instructions please see our guide that will assist you with your accounting conversion to Studio Designer HERE.

Studio Designer utilizes double-entry accounting which means that all entries must have two sides.  If you would like to only enter a cash balance, please check with your accountant about what account you should use to offset the cash account balance entry, then you can enter the balance using a Money In transaction.

The following can be used to post a beginning balance:

Step 1. Select: Accounting>Money In

Step 2. Payment Method: Receive Miscellaneous Payment

Step 3. Enter Payment:

  • Received From:  Your Design Firm
  • Check #:  BB
  • Description:  Beginning Balance
  • Cash Account:  Cash Account the balance belongs to
  • Income Account:  The account your accountant suggested you use to offset the entry

Step 4. Select: Post Payment

Note: Additional Account types can be used to offset the entry in Step 3. Consult with a CPA to confirm which account type should be used.