Opening Balances in Mr. Accounting Software

What is the purpose of entering opening balances in Mr. Accounting Software?

• A) To close out the previous accounting period

• B) To set the starting financial position for a new accounting period

• C) To finalize tax calculations

• D) To create new accounts automatically

Which menu do you navigate to for entering a customer’s opening balance?

• A) Accounts > Customers

• B) Settings > Opening Balances

• C) Dashboard > Financials

• D) Reports > Customers

What is required when adding a customer opening balance?

• A) The customer's credit card details

• B) The opening balance amount and starting date

• C) The previous year’s profit or loss

• D) The customer’s transaction history

Where can you verify the entered customer opening balances?

• A) Customer Ledger or Trial Balance Report

• B) Accounts Payable Summary

• C) General Journal Entry

• D) Income Statement

How do you enter supplier opening balances in the software?

• A) Navigate to "Accounts" > "Suppliers" and enter the balance under supplier details.

• B) Go to "Settings" > "Suppliers" and upload a document with balances.

• C) Use "Reports" > "Supplier Balances" and adjust the values.

• D) Directly update the Chart of Accounts with supplier balances.

What is a crucial step when entering GL opening balances?

• A) Match total debit and credit amounts

• B) Add all customer and supplier information first

• C) Reconcile all bank accounts

• D) Finalize tax rates

Which section is used to key in GL opening balances?

• A) Accounts > Journal Entry

• B) Settings > General Ledger

• C) Dashboard > Opening Balances

• D) Reports > Trial Balance

If a supplier is missing during the setup, what should you do?

• A) Skip the supplier and proceed with others

• B) Add the supplier to the Chart of Accounts

• C) Create a new supplier entry in the Accounts section

• D) Ignore it as it can be updated later

After entering all opening balances, it is best to _______ the data and verify _______ to ensure accuracy.

The _______ report is helpful to verify the accuracy of General Ledger (GL) opening balances.