Account Balance
What is the Account Balance?
The Account Balance is the opening balance of that account at the start of the financial year. Check your bank or financial institution’s issued statements for the balance at 30 June of the relevant financial year.
If you have money in the bank, this will be a credit balance type.
If the taxpayer has used other accounting software prior to Hubex, enter the closing balance of the previous software, assuming balances in the software are correct.
If the taxpayer has not used any accounting software prior to Hubex, verify current balances from the bank and financial institution statements.
The information entered in Net Worth will be added as transactions in the My Money module.
Initially when the user adds his assets and liabilities in the Net Worth module, those entries will be shown as transactions in the My Money page with default Description being Balance Adjustment and default Subcategory allocated to Transfers.