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Just transferring our accounts from paper to AgExpert. We are starting our year with a negative balance in our operating line/current account. Do I just enter my opening balance as $0 in the Bank account, and -xyz in the operting line? After this do I choose my Bank Account for withdrawal transactions and offset in the operating loan? just want to know before I screw it up.
As a general rule, when you set up operating lines of credit, you will enter them into the liability section. When you do the opening balance, you will enter it as a positive number if it an amount you owe. The opening balance of your bank account, then, is done separately.
When you make LOC payments, you will then do a withdrawal from the bank account (if that is where the payment comes from), and offset to the line of credit (as an L- in your type).
If you need further information, please let me know!