I input Opening Balance (OB) for Cash at Bank for $100,000.
Steps I did: Administration > System Initialization > Opening Balances > G/L Accounts Opening Balance
On top of the G/L Accounts Opening Balance window there is Opening Balance Account that is Extraordinary Expenses/Income. Please note that this account (extraordinary expenses / income) is already there when I open this window.
After inputting $100,000 to Cast at Bank:
I run Balance Sheet and it said that the Asset (Cash at Bank) is $100,000 and the Equity (Profit Period) is $100,000.
I run P&L and it said that the Profit Period is $100,000.
The company has not even done anything yet, but why the report (Balance Sheet and P&L) said that there is a Profit of $100,000? Am I missing something?