When you move onto IXL CORE mid-life, opening balances carry each account’s starting position forward. Accounting posts these as a single controlled opening-balance journal, with the contra routed to the suspense / opening-equity role account so the entry balances.
Before you start
- Instantiate your chart of accounts first, and map a suspense / opening-equity role account — the opening balance cannot post without it.
- Confirm the accounts you will use are all in the same scope you are posting at.
- Note that only one opening-balance journal is allowed per entity.
Steps
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Open Accounting → Journals and choose Opening balance.
[screenshot: Opening balance entry screen]
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Set the Accounting date (
accounting_date, required) — the date the balances are carried in at. -
Choose the Currency (
currency, required, three-letter code). -
Optionally add a Description (
description, up to 2000 characters). -
Add each account’s balance under Balances (
balances, at least one row required). For every row select the Account (acc_account_id, required) and enter either a Debit (debit) or a Credit (credit) amount — both are optional per row and must not be negative, but each row needs one side.[screenshot: Opening balance line grid]
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Review, then post. The engine adds the balancing contra to the suspense / opening-equity role account automatically.
Result
A posted opening-balance journal sets every account’s carried-forward figure, with the suspense / opening-equity account absorbing the contra so the books balance from day one. If a suspense role account is not mapped, or an opening balance already exists for the entity, posting is refused.