In order to have an accurate Balance Sheet, you should set up your ‘beginning balances’ in Hurdlr. For each linked bank account and credit card, you’ll want to determine when you started tracking that account in Hurdlr and the balance of the account as of that date. You’ll want to create a manual journal entry in the General Ledger for the date and amount by debiting your specific linked account and crediting Capital Stock (S Corp or C Corp)/ Member 1 Capital (LLC or LLP)/Owner’s Capital (Sole Proprietorship).
For example, if you're a Sole Proprietor who started tracking transactions from your Chase credit card in Hurdlr on 1/1/2023, and your Chase credit card balance as of 12/31/2022 was $1,000. In Hurdlr, you would create a manual journal entry for 12/31/2022 debiting your Chase credit card account by $1,000 and crediting Owner's Capital by $1,000.'
Disclaimer: The information contained here is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.