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Set up an new account (new loan account) in August 2017 but unable to create the opening balance as it is greyed out. How can this be fixed?
Good morning Cheryl!
In order to enter opening balances, you must be in the first fiscal year of your data file.
Was this a balance that carried from before your file was setup? Or is there a transaction that has to be done in order to enter the balance of that loan? You mention that you created the account in August 2017 - is that also when your loan proceeds were received?
In general, you will go to Setup > Fiscal Years, and make sure you are in your first fiscal year (by changing the year on the top right corner of the screen). Click on close, then go back to Setup > Chart of Accounts. Your opening balance button should be available in that year, and in that year only. Otherwise, you have to enter the balance via a transaction.
Let me know if you need any further information, and I will gladly help out! Thanks!