Goldenseal Accounting Balances
Here are details for the money balances used in accounts, in Goldenseal accounting software:
Every Goldenseal account has a current balance. When you enter transactions that involve the account, the current balance changes.
Job Accounts-- the current balance for Customers and Projects is the
amount they owe you for unpaid sales and project bills (Accounts Receivable).
NOTE-- When you enter business transactions that affect the current balance, Goldenseal automatically "posts" them to the account, and updates the balance amount.
Goldenseal Bank accounts have a minimum balance.
If you enter transactions which reduce the current balance to less than the minimum, Goldenseal will warn you.
NOTE-- For credit card and loan accounts, or asset accounts with overdraft protection, the minimum balance is a negative number.
Every Goldenseal account has a starting balance. It is the value of the account when you start to use Goldenseal (also known as a Trial Balance).
Job Accounts-- the starting balance for Customers and Projects is always zero. If you have prior Accounts Receivable, enter them
as Sales or as Project Bills.
If you create a new asset or liability account after you start using Goldenseal, use a Starting Balance of zero, and then enter a Bank Deposit to cover the first deposit of funds into the account.
HINT-- After you've finished entering your existing bank accounts, you can 'lock' the starting balance fields-- choose Preferences from the Options menu, choose Data Entry from the submenu, and turn on the Lock Starting Balance Fields checkbox.