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We have recently upgraded from the basic online AgExpert Accounting to the Premium version. Why do the year ending balances from 2021 not show up as opening balances for 2022? The business information is correct and the chart of accounts is the same
Hi there, your Year-end Balances for the Balance Sheet accounts should definitely show up as opening balances in the following year, this should happen regardless of your status being Basic or Premium. The only accounts that zero out each year are the Income and Expense accounts and if you are not a corporation then your Personal Advances and Drawings accounts also zero out for the start of each new year. If you are missing opening balances on accounts that you believe should have opening balances (Asset, Liability or Equity accounts), please call us at 1-800-667-7893 so that we can help troubleshoot/identify the problem and if necessary work to correct the problem.