Starting Balances in Neat

Please Note: You must be on an active Neat Books subscription or a Neat Complete subscription in order to take advantage of the features in this article.

Starting Balances FAQs

What is Starting Balances?

Neat allows you to enter a starting balance to the accounts you connect to Neat. A starting balance is the amount of funds in an account at the beginning of a new fiscal period. If you are transferring over from another bookkeeping solution into Neat, you probably don't want to enter or import every single transaction from the entire history of that account. Starting balances allow you to include the carryover amount from your prior bookkeeping solutions for reporting. You will have the ability to record the carryover amount for income, cost of goods sold, and expense categories as a starting balance.

How do I enter a starting balance?

During the initial bookkeeping set up process, you will be presented with the Set Starting Balances window. During the initial set up process, you can enter any starting balances you have. However, if you need to consult with your financial advisor or you need to verify your account totals, you can skip this in the setup process and revisit, set, and adjust starting balances at any time through the Adjust or Set a Starting Balances model.

  1. Click the Add button in the top right corner of Neat, and in the dropdown window click Transactions, then Journal Entry.
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  2. In the Quick Entry Manual Adjustments window, click Adjust or Set a Starting Balance.
  3. In the Adjust or Set a Starting Balance window enter your starting balances for income, cost of goods sold, expenses, etc and click Save when finished.
    Please Note: These are placeholder totals for you to use if you are confident in their accuracy. Accurate calculations and verification of these totals should be done with a tax professional, and can be updated at any time in Neat.

How do I view or adjust my starting balances?

You can view and adjust your starting balances at any time by accessing the Quick Entry Manual Adjustments window, and clicking Adjust or Set a Starting Balance. You can see all of the previously entered starting balances and you can adjust your starting balances by entering a new balance and clicking Save. Please follow the steps below to access the Quick Entry Manual Adjustments window and to adjust your starting balances.

  1. Click the Add button in the top right corner of Neat, and in the dropdown window click Transactions, then Journal Entry.
  2. Then select adjust or set starting balance.
  3. Once your adjustments are made click Save

You can also view all your starting balances by accessing the Quick Entry Manual Adjustments window, and clicking View Adjusting Entries. In the Adjusting Entries window you can filter to and view a list of all the starting balances you've entered into Neat.


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