After you have set up your chart of accounts in Aplos, the next step would be to input your starting balances. This is the amount you are beginning Aplos with in your asset and liability accounts, split by fund. To access the Starting Balances page, click Fund Accounting > Accounts > Starting Balances.
Assigning your starting balances
You will want to assign the balances as of the first transaction in Aplos. If you’re entering transactions into Aplos as of January 1st, you’ll want to enter the balance of your account as of December 31st. If you’re entering past transactions into Aplos, the easiest way to find your starting balance is from a bank statement. You will use the beginning balance on the bank statement as your starting balance in Aplos.
As an example, you might have $10,000 in your Checking account, but that total is split into balances between multiple funds. You will enter the individual balances for each fund, bringing the Total to $10,000. As you enter totals for each field, the page will auto save.
Once you enter these balances, if you look at your Balance Sheet, you’ll notice that you now have balances assigned for asset, liability, and equity accounts. These starting balances can be edited as long as they have not been included in a reconciliation.
What if I have uncleared checks?
When setting your starting balances, you might have written checks that have not yet cleared your bank account. You will not want to include these in your starting balance. Let’s say you’re starting with Aplos as of January 1st and you wrote checks at the end of December, but they have not cleared yet. You can look at the balance of your bank account as of December 31st and enter that as your starting balance. Since those checks have not cleared, you can enter them as transactions in Aplos and can date them as of the date that the check was written. Because those will most likely clear in January, they will show on your bank statement as of the January date, and your register balance will be correct.
If you have any trouble with this process, or have any questions, please feel free to reach out to our Customer Success team at firstname.lastname@example.org.