Migration from MYOB to Reckon questions
I am transferring my company from MYOB to Reckon on the 1/7/20 and I have got most of the migration sorted in terms of accounts and lists. The area I am still a little confused about is the transfer of equity, liability and asset lines from the existing MYOB lines in order to create balances in the created lines in Reckon Accounts. I realise I need to use General Journal Entries but I am struggling to work out which accounts to use and which are debit and which is credit. So for examples, I have created Equity lines for the lines in my MYOB account, so things like Shareholders Capital, Retained Earnings etc. I realise I need to create a journal entry on 1/7/20 for these items and that I use the Opening Balance Equity to balance those, but I am not sure which is the credit and which is the debit - eg - $30,004 is the Shareholder equity, so i create a journal entry with $30,004 against Shareholder equity and $30,004 against Opening Balance Equity - which is the debit and with is the credit? Same question with the assets & liabilities, except I have no idea what is on the other side of the journal entry, so as an example for Liabilities, I have a loan account where the directors have lent the company money for operating expenses, so there is a long term liability of $15,000, I have created a line for this in the liability accounts on Reckon, but of course the balance is $0, so I need to create a journal entry to get the $15,000 show in that line, obviously one side is “Loan from Owners” $15,000 (debit or credit?) and then I need another account to zero this against in the journal entry, what is that account line? Exactly the same question with existing assets like cars in the business. Any help would be appreciated!