Enter stakeholder opening balances for your first year
When you enter conversion balances, you often need to enter a current account (or equity) opening balance. However, in future years this opening balance doesn't reconcile with the opening balance in the reports, and you will need to correctly allocate these amounts.
In this example, using a conversion date of April 1, 2015, the 2015 'Opening Balances' figures for the beneficiaries does not appear on the top line of the summary. Instead, the figures are summed and show as 5,000.00 for 2015 'Funds introduced'.
To fix this, you need to enter this amount into the comparative balances for the previous financial year.
Go to Settings and click General Settings.
Click Conversion Balances.
Click Add Comparative Balances.
Enter the 'opening balance' figures into the comparative balances for the previous year.
For example, here we've entered the opening balance figures of 2,500.00 for Beneficiary 1 and Beneficiary 2 for the 2013-14 financial year.
Xero will sum the figures from the previous year into the 'Opening Balance' account for the conversion balance year.
In the example below you can see that 5,000.00 now appears on the top line.