The term "beginning balance" refers to the precise amount of money in the account before any transactions are entered to alter the balance of the account. It is recommended that you enter the amount of money currently in the account as the beginning balance, and then enter transactions as they occur in the future. Remember that transactions that are dated as having occurred in the past will still alter the balance of the account. Note that all account types other than Income and Expense will have a beginning balance that needs to be entered upon creating the account.
To enter an account's beginning balance
Once you have entered the beginning balances for your accounts, you can begin entering transactions.