The General Ledger (GL) reflects every tracked transaction and journal entry. To ensure your account balances are accurate, you’ll want to confirm:
All transactions have been recorded
Beginning balances are properly set
How to Set Beginning Balances
To maintain an accurate Balance Sheet and Chart of Accounts, you should establish beginning balances for each account.
Step 1: Identify Your Starting Point
For each linked bank account or credit card:
Determine the date you began tracking the account in Floorzap
Find the account balance as of that date
Step 2: Create a Journal Entry
Create a manual journal entry in the GL using the balance from the day before you started tracking.
Debit the linked account (bank or credit card)
Credit the appropriate equity account (e.g., Owner’s Capital)
Example
If you are a sole proprietor and:
You started tracking your Chase credit card on 1/1/2025
Your balance on 12/31/2024 was $1,000
You would create a journal entry dated 12/31/2024:
Debit: Chase Credit Card — $1,000
Credit: Owner’s Capital — $1,000
This ensures your GL starts with accurate balances and reflects your financial position correctly from day one.