What is starting balance in SAP SBO - SAP Business One?

SAP Term: starting balance

• Component: SBO

• Component Name: SAP Business One

• Description: The amount of money present in a bank account at the beginning of the period covered by a given bank statement, as recorded on that bank statement.

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• Key Concepts: 
  Starting balance is a term used in SAP Business One (SBO) to refer to the beginning balance of an account. This is the amount of money that is in the account at the start of a period, such as a fiscal year or month. It is used to track the changes in the account over time. 
  
  How to use it: 
  The starting balance of an account can be set manually or automatically. To set it manually, go to the “Accounts” tab in SBO and select the account you want to set the starting balance for. Then, enter the amount of money that is in the account at the start of the period. To set it automatically, go to the “Settings” tab and select “Starting Balance”. Then, enter the amount of money that is in the account at the start of the period. 
  
  Tips & Tricks: 
  It is important to make sure that your starting balance is accurate. If it is not, it can lead to inaccurate financial reports and incorrect calculations. It is also important to remember that your starting balance will be different for each period, so make sure you update it accordingly. 
  
  Related Information: 
  The starting balance is just one part of managing your accounts in SBO. Other important concepts include closing balances, account reconciliation, and budgeting. Understanding these concepts will help you get a better understanding of how your accounts are managed in SBO.