Hi all and thanks in advance.
I’m in need of help in setting up my chart of accounts.
The company’s been using excel and have never used any accounting software.
I’ve been doing my research but I just can’t figure out how to do it.
Bank 1 - Cash on Hand / Cheque P300,000
Bank 2 - Loan P2,100,000
Bank 3 - Loan P750,000
How would you enter this using the journal entry - opening balance?