--- title: User Guide - Beginning GL Balance Journal Entries description: This guide reviews the process for entering Beginning Balances (also known as an Opening or Starting Balance) for an Association in Smartwebs --- [Skip to content](https://solutions.smartwebs.com/en-us/smartwebs-solutions/beginning-gl-balance-journal-entries#main-content) English - United States Show submenu for translations ![Logo-FullColor HOA management Platform-1](https://solutions.smartwebs.com/hubfs/Logo-FullColor%20HOA%20management%20Platform-1.svg) - [Smartwebs Solutions Home](https://solutions.smartwebs.com/) - [Contact Us](https://share.hsforms.com/2VBrljHAiSeCkcUy_-IEe_Aq0yoc) - [Manage Tickets](https://support.smartwebs.com/tickets-view) Open main navigation Close main navigation - [Smartwebs Solutions Home](https://solutions.smartwebs.com/) - [Contact Us](https://share.hsforms.com/2VBrljHAiSeCkcUy_-IEe_Aq0yoc) - [Manage Tickets](https://support.smartwebs.com/tickets-view) - English - United States Show submenu for translations - [Contact Us](https://share.hsforms.com/2VBrljHAiSeCkcUy_-IEe_Aq0yoc) [Contact Us](https://share.hsforms.com/2VBrljHAiSeCkcUy_-IEe_Aq0yoc) How can we help you? - There are no suggestions because the search field is empty. 1. [Smartwebs Solutions](https://solutions.smartwebs.com/en-us/smartwebs-solutions?hsLang=en-us) 2. [Accounting](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us) 3. [Configuration & Setup](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#configuration-setup) October 15, 2025 # User Guide - Beginning GL Balance Journal Entries ## This guide reviews the process for entering Beginning Balances (also known as an Opening or Starting Balance) for an Association in Smartwebs #### **Overview** The Beginning Balances must be entered ***after***entering Homeowner Balances. This balance is also referred to as Opening/Starting Balance. To enter the beginning balances for your association, you will need the ending balance of each General Ledger account in your prior software. Report names can vary between accounting platforms, but it is typical to have a General Ledger or Trial Balance report available. You will create one Journal Entry using the values from your report. #### **Account Types** #### **Assets** - Owned by the association. - Banking accounts (Cash), Inventory, Accounts Receivable, and Fixed Assets. - Entered as a debit in the Journal Entry (unless the account has a negative balance). #### **Liabilities** - Owed by the association. - Accounts Payable, Loans, Capital, Retained Earnings, Prepaid Assessments. - Entered as a credit in the Journal Entry. #### **Equity** - Money you have invested in the association. - Entered as a debit or credit in the Journal Entry #### **Revenue/Income** - Funds received by the association. - Assessments, Fees, Parking, Amenity Reservations, etc. - Entered as a debit or credit in the Journal Entry. #### **Expenses** - Funds spent by the association for operation. - Repairs, Utilities, Tax Preparations, Meeting Expenses, Landscaping, etc. - Entered as a debit or credit in the Journal Entry. ---   #### **Journal Entry** 1. Navigate to Accounting \> GL \> Journal Entries 2. Select the '+Add Journal Entry' button 3. Date - the last day of the month in your prior software 4. Memo - Example: Balance Forward as of 12.31.2023 5. GL Code/GL Account - Enter the code or name for a GL with an ending balance. 6. Cost Center - Select the Cost Center for the specified GL if different than the designated default Cost Center 7. Debits/Credits - Enter the balance in the appropriate side of the entry. See the Account Types section for additional information and suggestions 8. Continue adding entries for each GL with an ending balance. 1. If there is a variance (in red) at the end of your entry, that amount is added to your Capital, Equity or Retained Earnings GL. This amount is your Equity/Net Income (Loss) through the "as of" date. 2. Crediting for Net Income or Debiting for Net (Loss) 3. Select the 'Save" button to post Note: Once this “Beginning Balance” entry is posted, Balance Sheet/Income Statement(s) should have identical Balances in both Prior Financials & Smartwebs Financials. - [Accounting](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#main-content) - [1099's](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#1099s) - [General](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#general) - [General Ledger](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#general-ledger) - [Receivables](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#receivables) - [Payables](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#payables) - [Banking & Reconciliation](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#banking-reconciliation) - [Configuration & Setup](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#configuration-setup) - [Merchant Services](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#merchant-services) - [Reports](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#reports) - [Billing](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#billing) - [Payments & Deposits](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#payments-deposits) - [Homeowner Charges](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#homeowner-charges) - [Statements](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#statements) - [Collections](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#collections) - [Security Deposits](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#security-deposits) - [Administration](https://solutions.smartwebs.com/en-us/smartwebs-solutions/accounting?hsLang=en-us#administration) - [Administrative](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#main-content) - [Owner Unit Management](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#owner-unit-management) - [User Management](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#user-management) - [Roles and Rights](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#roles-and-rights) - [Email Notification Preferences](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#email-notification-preferences) - [Satellite Offices](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#satellite-offices) - [Reporting](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#reporting) - [Document Management](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#document-management) - [Security](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#security) - [Letter Parameters](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#letter-parameters) - [Zero Touch Mailing Service](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#zero-touch-mailing-service) - [Association Setup](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#association-setup) - [Vendor Management](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#vendor-management) - [Email and Custom Domains](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#email-and-custom-domains) - [Data Storage](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#data-storage) - [Support](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#support) - [Preferences](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#preferences) - [HOA and Data Transfers](https://solutions.smartwebs.com/en-us/smartwebs-solutions/administrative?hsLang=en-us#hoa-and-data-transfers) - [Architecturals](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#main-content) - [Committee Member Guides](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#committee-member-guides) - [Board Member Guides](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#board-member-guides) - [Online Submit Forms](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#online-submit-forms) - [Arc Project Notifications](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#arc-project-notifications) - [Arc CCRs and Project Types](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#arc-ccrs-and-project-types) - [Arc Project Statuses and Expirations](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#arc-project-statuses-and-expirations) - [Arc Letters](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#arc-letters) - [Arc Admin, Settings, and Reports](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#arc-admin-settings-and-reports) - [Arc Projects](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#arc-projects) - [Arc Project Applications](https://solutions.smartwebs.com/en-us/smartwebs-solutions/architecturals?hsLang=en-us#arc-project-applications) - [Board and Committee Admin](https://solutions.smartwebs.com/en-us/smartwebs-solutions/board-and-committee-admin?hsLang=en-us#main-content) - [Meeting Minutes](https://solutions.smartwebs.com/en-us/smartwebs-solutions/board-and-committee-admin?hsLang=en-us#meeting-minutes) - [Communications](https://solutions.smartwebs.com/en-us/smartwebs-solutions/communications?hsLang=en-us#main-content) - [Mass Communications](https://solutions.smartwebs.com/en-us/smartwebs-solutions/communications?hsLang=en-us#mass-communications) - [Workflow](https://solutions.smartwebs.com/en-us/smartwebs-solutions/communications?hsLang=en-us#workflow) - [Security](https://solutions.smartwebs.com/en-us/smartwebs-solutions/communications?hsLang=en-us#security) - [General](https://solutions.smartwebs.com/en-us/smartwebs-solutions/general?hsLang=en-us#main-content) - [Frequently Asked Questions](https://solutions.smartwebs.com/en-us/smartwebs-solutions/general?hsLang=en-us#frequently-asked-questions) - [Lifestyle](https://solutions.smartwebs.com/en-us/smartwebs-solutions/lifestyle?hsLang=en-us) - [Mobile Applications](https://solutions.smartwebs.com/en-us/smartwebs-solutions/mobile-applications?hsLang=en-us#main-content) - [Offline App](https://solutions.smartwebs.com/en-us/smartwebs-solutions/mobile-applications?hsLang=en-us#offline-app) - [Portal App](https://solutions.smartwebs.com/en-us/smartwebs-solutions/mobile-applications?hsLang=en-us#portal-app) - [Mobile Online App](https://solutions.smartwebs.com/en-us/smartwebs-solutions/mobile-applications?hsLang=en-us#mobile-online-app) - [iOS Devices](https://solutions.smartwebs.com/en-us/smartwebs-solutions/mobile-applications?hsLang=en-us#ios-devices) - [Android devices](https://solutions.smartwebs.com/en-us/smartwebs-solutions/mobile-applications?hsLang=en-us#android-devices) - [FAQ](https://solutions.smartwebs.com/en-us/smartwebs-solutions/mobile-applications?hsLang=en-us#faq) - [Release Notes](https://solutions.smartwebs.com/en-us/smartwebs-solutions/release-notes?hsLang=en-us#main-content) - [Office Site Releases](https://solutions.smartwebs.com/en-us/smartwebs-solutions/release-notes?hsLang=en-us#office-site-releases) - [Application Releases](https://solutions.smartwebs.com/en-us/smartwebs-solutions/release-notes?hsLang=en-us#application-releases) - [Resident Portal](https://solutions.smartwebs.com/en-us/smartwebs-solutions/resident-portal?hsLang=en-us#main-content) - [Resident Guides](https://solutions.smartwebs.com/en-us/smartwebs-solutions/resident-portal?hsLang=en-us#resident-guides) - [Admin Guides](https://solutions.smartwebs.com/en-us/smartwebs-solutions/resident-portal?hsLang=en-us#admin-guides) - [Violations](https://solutions.smartwebs.com/en-us/smartwebs-solutions/violations?hsLang=en-us#main-content) - [Frequently Asked Questions](https://solutions.smartwebs.com/en-us/smartwebs-solutions/violations?hsLang=en-us#frequently-asked-questions) - [Violation Letters](https://solutions.smartwebs.com/en-us/smartwebs-solutions/violations?hsLang=en-us#violation-letters) - [Violation CCRs](https://solutions.smartwebs.com/en-us/smartwebs-solutions/violations?hsLang=en-us#violation-ccrs) - [Violation Policies](https://solutions.smartwebs.com/en-us/smartwebs-solutions/violations?hsLang=en-us#violation-policies) - [Mapping Units in Smartwebs](https://solutions.smartwebs.com/en-us/smartwebs-solutions/violations?hsLang=en-us#mapping-units-in-smartwebs) - [Setup and Configuration](https://solutions.smartwebs.com/en-us/smartwebs-solutions/violations?hsLang=en-us#setup-and-configuration) - [Reporting](https://solutions.smartwebs.com/en-us/smartwebs-solutions/violations?hsLang=en-us#reporting) - [Work Orders](https://solutions.smartwebs.com/en-us/smartwebs-solutions/work-orders?hsLang=en-us#main-content) - [Work Order Management](https://solutions.smartwebs.com/en-us/smartwebs-solutions/work-orders?hsLang=en-us#work-order-management) - [Vendor Management](https://solutions.smartwebs.com/en-us/smartwebs-solutions/work-orders?hsLang=en-us#vendor-management) - [Flyers](https://solutions.smartwebs.com/en-us/smartwebs-solutions/flyers?hsLang=en-us#main-content) - [Lifestyle](https://solutions.smartwebs.com/en-us/smartwebs-solutions/flyers?hsLang=en-us#lifestyle) - [Resale](https://solutions.smartwebs.com/en-us/smartwebs-solutions/resale?hsLang=en-us) # Smartwebs 1015 S Mays St, Round Rock, TX 78664 [512-218-9996](tel:512-218-9996) [mailto:support@smartwebs.com](mailto:support@smartwebs.com) Copyright © 2026, Smartwebs