Why is my GL balance inaccurate?
The GL reflects every tracked transaction and journal entry. To ensure all account balances are accurate, it's important to check that all transactions have been accounted for and that beginning balances are set.
How can I set my beginning balances?
In order to have an accurate Balance Sheet and Chart of Accounts, you should set your ‘beginning balances’.
For each linked bank account and credit card, you’ll want to determine when you started tracking that account in Floorzap and the balance of the account as of that date. From there, you’ll want to create a manual journal entry in the GL for the date and amount by debiting your specific linked account and crediting the appropriate equity account.
For example, if you're a Sole Proprietor who started tracking transactions from your Chase credit card on 1/1/2025, and your Chase credit card balance as of 12/31/2024 was $1,000. You would create a manual journal entry for 12/31/2024 debiting your Chase credit card account by $1,000 and crediting Owner's Capital by $1,000.